Suriname Central Bank
Suriname Central Bank, also known as De Centrale Bank van Suriname (CBvS), is the central bank of Suriname. It is responsible for maintaining financial and monetary stability in Suriname and issues the national currency, the Suriname dollar. The bank also acts as Suriname’s banker and fiscal agent.
History
Suriname Central Bank was founded in 1816, with the intention of providing stability in the economy. It was initially formed as a cooperative of private banking institutions, which were involved in the credit, commerce and industry of Suriname. The bank eventually evolved into a formal financial institution, supervised by the government.
In 1965, Suriname Central Bank was given full autonomy to set financial and monetary policies in the country. It is supervised by a board of governors and directors, appointed by the government.
Mission and Objectives
Suriname Central Bank’s mission is to ensure and guarantee financial and monetary stability in Suriname. In doing so, the Bank actively works to control the money supply, supply and price of credit, maintain the integrity of the currency, stabilize the exchange rate and protect the financial interests of the nation.
In order to maintain financial stability, the Central Bank acts in various ways. It is responsible for regulating and authorizing financial institutions, monitoring developments in the financial system, issuing regulations and laws, issuing warnings and prohibitions relating to financial activities, and setting and monitoring interest rates.
The Central Bank also works to set and promote national economic stability by controlling money supply and credit, securing adequate international reserves and managing exchange rate stability. It also serves as Suriname’s banker, borrowing and lending money to the government and other entities, as well as accepting deposits and withdrawing funds in Suriname dollars.
In addition to setting monetary policy, Suriname Central Bank also works to promote financial inclusion, support economic growth and development, and strengthen the financial sector.
Conclusion
Suriname Central Bank is a key economic institution in Suriname, responsible for managing the financial and monetary policies of the country. By maintaining a stable and robust currency and financial system, the Bank helps the government to achieve economic stability and promote economic prosperity.
