Institutional Setting
As of 2012 Suriname´s financial sector comprised: the Central Bank of Suriname (CBvS), nine commercial banks (including subsidiaries), investment and finance companies, savings and credit unions, the National Development Bank, insurance companies, pension funds, provident funds, the stock exchange, foreign exchange bureaus, and money transfer houses.
Central Bank of Suriname
The CBvS is Suriname´s monetary authority and the country's governing body in monetary and economic affairs. This Act also charges the CBvS with the prime objective of promoting the value and stability of the currency of Suriname.
The Bank Act, moreover, establishes the CBvS as the supervisor of the banking and credit system, a task that was expanded by amendment of article 9 in 2005, to explicitly include the pension funds, insurance companies, foreign exchange houses and money transfer companies.
Click here for the act
Depository corporations
Banks are special financial institutions because they accept checking and savings deposits from the general public. They also provide lending to the private sector. There are currently nine banks, with four being majority-owned state banks and one a subsidiary of a foreign bank. Total assets of the banks equal about 77% of total assets of the financial system, (excluding the CBoS).
The main changes in the structure of the banking system are summarized in the table below.
| Commercial Banks Operating in Suriname | ||
| Jan 1957 – Mar 1957 | 3 | Surinaamsche Bank, Vervuurts Bank, and Surinaamse Volkscredietbank |
| Apr 1957 – Mar 1972 | 4 | + Hollandsche Bank-Unie |
| Apr 1972 – Sep 1976 | 5 | + Landbouwbank |
| Oct 1976 – Sep 1997 | 6 | + Surinaamse Postspaarbank |
| Oct 1997 – Aug 2005 | 7 | + Finabank |
| Sep 2005 – May 2010 | 8 | + Surichange Bank |
| Jun 2010 – to date | 9 | + Coöperatieve Spaar- en Kredietbank Godo G.A. |
Other financial corporations
Other financial institutions in Suriname comprise: five investment and finance companies, 28 savings and credit unions, one savings fund, the National Development Bank, 12 insurance companies, 34 pension funds, five provident funds, the stock exchange, 25 foreign exchange bureaus, and six money transfer houses.
Total assets of these financial institutions equal about one-fourth of total bank assets (excluding the CBoS).
