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Notice of Release 2020 Regional Financial Stability Report
Notice of Release 2020
Regional Financial Stability Report
The Regional Financial Stability Coordinating Council (FRSCC) is pleased to announce the release of the 2020 Regional Financial Stability Report. This edition of the Regional Financial Stability Report (RFSR) was produced in the midst of the COVID-19 pandemic. The economic, financial and social fallout from the pandemic and the policy responses to address the ongoing crisis have defined the efforts of the monetary and regulatory authorities to maintain financial stability in the Caribbean. The pandemic is still unfolding and continues to cause global economic and financial disruptions. The 2020 Report covers several areas that are required to comprehensively assess the stability of the financial system in the Caribbean.
Follow link to access the "Regional Financial Stability Report 2020":
Report 2020
Suriname and the IMF Reach Staff-Level Agreement
Unpublished 
Suriname and the IMF Reach Staff-Level Agreement on the Second Review of the Extended Arrangement Under the Extended Fund Facility
May 18, 2023
- The IMF staff team and Surinamese authorities reached a staff-level agreement on the second review of the authorities’ economic recovery program supported by the Extended Fund Facility (EFF). The review is subject to approval by the IMF’s Executive Board.
- Suriname’s economy continues its slow post-pandemic recovery, but the shock of higher commodity and food prices in the second half of 2022 on the Suriname’s import-dependent economy compounded significant pre-existing policy challenges and eroded performance under the program. The economic environment remains fragile, with rapid exchange rate depreciation and high inflation imposing a heavy burden on the society.
- The Surinamese authorities have made concerted efforts to bring the program back on track. The government’s near-term priority is to implement a prudent fiscal policy that is consistent with stabilizing the economy while protecting vulnerable households and supporting growth-enhancing investment.
Suriname’s second National Risk Assessment
Introduction
The Government of Suriname is committed to continuously improving its understanding of its Money Laundering (“ML”), Terrorism Financing (“TF”) and Proliferation Financing (“PF”) risks and is in the process of strengthening its AML/CTF framework and developing policies and strategies to effectively mitigate these risks.
Suriname’s second National Risk Assessment (“NRA 2.0”) built upon the conclusions identified in its first ever National Risk Assessment (“NRA 1.0”), which was supervised by the Organization of American States (“OAS”) and was conducted between 2019 and 2021. With the execution of NRA 2.0, Suriname is implementing its obligations under the Financial Action Task Force (“FATF”) Recommendation 1, which states that “Countries should identify, assess and understand the money laundering and terrorism financing risks to the country and take action, including designating an authority or mechanism to coordinate actions to assess risks, and dedicating resources aimed at ensuring that risks are effectively limited. Based on that assessment, countries should apply a risk-based approach (RBA) to ensure that measures to prevent or mitigate money laundering and terrorism financing are proportionate to the risks identified.”
The purpose of NRA 2.0, is to enable Suriname to increase its understanding of Money Laundering (“ML”) risk, including those related to legal persons. It also covers the areas of Terrorism Financing (“TF”) and Proliferation Financing (“PF”), which were not broadly covered in NRA 1.0. The NRA 2.0 covers the period from 2021 to 2023, with reference to recently implemented laws and regulations up to July 2024. This exercise and the resulting report serve as a means by which Suriname can identify, assess and understand its risks related to ML, TF and PF, and, using the NRA 2.0 as a basis, adopt a risk-based approach by prioritizing actions to mitigate or manage these risks as per FATF Recommendation 1.
Since the completion of NRA 1.0 a significant development in Suriname was the enactment of the Prevention and Combating of Money Laundering and Terrorism Financing Act (“WMFT”), which was promulgated on 19 November 2022 and recent amendments to the Penal Code, which criminalize money laundering and terrorism financing. This legislation clarifies the roles of various bodies responsible for AML/CTF policy and grants them relevant additional powers to bring them in line with the requirements of the FATF Standards. Additionally, the law formally establishes and specifies the pivotal role of the establishment of an Anti- Money Laundering Steering Council (“ASC”), which acts as the national mechanism for coordinating measures to counter ML, TF and PF at the highest policy level. The ASC is ultimately responsible for the conclusions of NRA 2.0 and monitoring and delivering the related actions.
Communiqué - Government Debt Restructuring - 02-06-2021
Today, the government of Suriname has announced the proposed modalities of the restructuring of its external debt. The objective is to bring this debt back on a sustainable path, which will benefit the economy of Suriname and its people.
Another smaller part of public debt is owed to Surinamese residents. The Government and the Central Bank of Suriname are determined to make sure that the interests of local creditors are secured in a way that does not endanger banking and financial stability.
The safety of our domestic financial system is also a priority of the International Monetary Fund, which will assist Suriname in its economic program for recovery and growth.
CENTRALE BANK VAN SURINAME
June 2nd, 2021