Download Suriname Country Profile

Central Bank of Suriname
Suriname Country Profile
Economic and Financial Data
Statistics Department
May 2013
Preface
This first edition of our Country Profile has been produced by the Statistics Department of the Central
Bank of Suriname. The Profile provides an overall picture of the Surinamese economy with graphs and
tables covering up to 10 years of economic and financial data. Various international comparisons are
also included to help place Suriname’s economic developments in a broader regional context.
The publication of this Profile fits in the Central Bank of Suriname’s endeavor to disseminate high
quality information and statistical data on the Surinamese economy to the local and international
community, and to increase the availability, accuracy, and transparency of economic data on Suriname.
The Surinamese economy has demonstrated remarkable resilience in recent years with a stable and
growth-oriented policy mix underpinning a steady pace of economic activity. Investment and growth
prospects remain strong. We are confident that this publication will evidence the strength of the
Surinamese economy and provide useful insights to the reader.
G. Hoefdraad
Governor
Summary
I.
Useful Information
II.
Selected Macroeconomic Indicators ____________________________ 14
III.
Real Sector
_____________________________________ 17
IV.
Public Sector
___________________________________ 25
V.
External Sector
_________________________________ 35
VI.
Monetary Sector
______________________________ 43
VII.
Financial System
____________________________ 59
VIII. Mining Sector
_________________________________________ 04
_________________________ 65
IX.
Country Comparison _______________________ 70
X.
Glossary
_____________________ 75
I. I.
Useful
Information
Useful
Information
I. Useful Information
Suriname
Official Name:
Republic of Suriname
Location:
South-America
Independence:
November 25, 1975
Capital:
Paramaribo
Area:
163,820 km2
Currency:
Suriname Dollar
Population (2012):
534,189
Climate:
Tropical
Government:
A Presidential Republic
President of Republic:
Desiré Delano Bouterse
Official Language:
Dutch
GDP (2012):
US$ 5.2 billion
CBvS 5
I. Useful Information
Suriname
CBvS 6
I. Useful Information
The Ten Districts of Suriname
District
Marowijne
Commewijne
Paramaribo
Wanica
Saramacca
Coronie
Nickerie
Para
Brokopondo
Sipaliwini
Total
Capital
Albina
Nieuw-Amsterdam
Paramaribo
Lelydorp
Groningen
Totness
Nieuw-Nickerie
Onverwacht
Brokopondo
Paramaribo
(administered)
Area in km2
4,627
2,353
182
443
3,636
3,902
5,353
5,393
7,364
130,567
163,820
CBvS 7
I. Useful Information
Ministers
Labour, Technological Development and Environment – Michael Miskin
Transport, Communication and Tourism
– Falisi Pinas
Finance
– Adelien Wijnerman
Foreign Affairs
– Winston Lackin
Home Affairs
– Soewarto Moestadja
Justice and Police
– Edward Belfort
Regional Development
– Stanley Betterson
Physical Planning, Land - and Forestry Management – Ginmardo Kromosoeto
Social Affairs and Housing
– Alice Amafo
Sport and Youth Affairs
– Ismanto Adna
Health
– Michel Blokland
Public Works
– Ramon Abrahams
Education and Community Development
– Shirley Sitaldin
Natural Resources
– Jim Hok
Agriculture, Animal Husbandry and Fisheries
– Hendrik Setrowidjojo
Trade and Industry
– Raymond Sapoen
Defence
– Lamuré Latour
CBvS 8
I. Useful Information
Rating
Agency
Standard
& Poor's
Date
17/Nov/99
31/Jan/01
11/Jan/02
29/May/02
28/Jul/03
28/Jul/04
03/Aug/04
09/Nov/05
11/Dec/06
16/Nov/07
16/Apr/08
22/Dec/09
19/Apr/11
19/Aug/11
30/Apr/12
25/Apr/13
Domestic
currency/Outlook
B/stable
B/CW-negative
B/stable
B/stable
B/stable
B/stable
B/stable
B/stable
B+/positive
BB-/stable
BB-/stable
BB-/positive
BB-/stable
BB-/stable
BB-/stable
BB-/positve
Foreign
currency/Outlook
B-/stable
B-/CW-negative
B-/stable
B-/positive
B-/stable
SD
B-/stable
B-/positive
B/positive
B+/stable
B+/stable
B+/positive
B+/positive
BB-/stable
BB-/stable
BB-/positive
CBvS 9
Source: Standard & Poor’s, CW= Credit Watch SD= Selected Default
Historical Overview of Credit Ratings to Suriname
I. Useful Information
Historical Overview of Credit Ratings to Suriname
Date
Domestic
currency/Outlook
Foreign
currency/Outlook
Moody's
03/Feb/04
06/Feb/08
23/Dec/11
14/Aug/12
Ba3/stable
Ba3/stable
Ba3/stable
Ba3/positive
B1/stable
B1/stable
B1/stable
Ba3/positive
Fitch
17/Jun/04
20/Jan/06
25/May/07
11/Jul/08
20/Oct/09
29/Jul/11
10/Jul/12
B+/stable
B+/stable
B+/stable
B+/stable
B+/stable
B+/stable
BB-/stable
B/stable
B/stable
B/stable
B/stable
B/positive
B+/stable
BB-/stable
Source: Moody’s, Fitch
Rating
Agency
Cont’d.
CBvS 10
I. Useful Information
Population by Age and Sex (2012)
147,151
Women
129,952
Men
109,615
86,659
0-14
15-29
30-44
45-59
Source: General Bureau of Statistics
54,427
60+
CBvS 11
I. Useful Information
Useful Links about Suriname
Government of Suriname
www.gov.sr
Suriname Chamber of Commerce
www.surinamechamber.com
Office of the President
www.president.gov.sr
Central Bank of Suriname
www.cbvs.sr
Ministry of Finance
www.gov.sr/finance
Suriname Debt Management Office
www.sdmo.org
General Bureau of Statistics
www.statistics-suriname.org
National Planning Office
www.planbureau.net
Suriname Tourism Foundation
www.suriname-tourism.org
Suriname Business Development
www.sbc.sr
CBvS 12
I. Useful Information
Cont’d.
Useful Links about Suriname
Anton de Kom University of Suriname
www.uvs.edu
Suriname Trade and Industry Association
www.vsbstia.org
International Monetary Fund
www.imf.org
The World Bank Group
www.worldbank.org
Caribbean Community
www.caricom.org
United Nations
www.un.org
The Economic Commission for Latin
America and the Caribbean
www.eclac.cl
CEMLA
www.cemla.org
CARTAC
www.cartac.org
CCMF
www.ccmf-uwi.org
Association of Economists in Suriname
www.ves.sr
CBvS 13
II. Selected Macroeconomic
II. Selected Macroeconomic
Indicators
Indicators
II. Selected Macroeconomic Indicators
Production
GDP market prices (SRDMn)
Real GDP growth (%)
GDP per capita (US$)
Government Finances
Revenue (SRDMn)
Expenditure (SRDMn)
Overall balance (SRDMn)
Overall balance in % of GDP
Government domestic debt (SRDMn)
Government external debt (US$Mn)
Balance of Payments
Merchandise exports (US$Mn)
Merchandise imports (US$Mn)
Trade balance (US$Mn)
Net services, income and current transfers (US$Mn)
Current account balance (US$Mn)
Overall balance (US$Mn)
Overall balance in % of GDP
Gross international reserves (US$Mn)
Import coverage (months)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
4,199.9
6.5
3,452
5,105.3
7.3
3,838
6,105.9
4.9
4,550
7,206.3
5.8
5,283
8,060.5
5.1
5,832
9,698.1
4.1
6,921
10,638.4
3.0
7,490
11,988.7
4.1
8,329
14,067.3
4.7
8,087
15,642.8
4.5
9,010
882.0
835.5
46.5
1.1
410.4
456.8
1,082.8
1,183.9
-101.1
-2.0
650.6
522.0
1,211.5
1,267.9
-56.4
-0.9
781.8
493.4
1,575.1
1,467.1
108.0
1.5
720.7
497.6
2,368.0
2,018.2
459.3
5.7
632.5
438.6
2,354.7
2,209.7
160.4
1.7
914.3
643.4
2,944.7
2,859.5
-219.6
-2.1
1,144.1
645.7
2,606.1
2,955.4
-305.1
-2.5
1,499.0
648.2
3,537.5
3,551.1
-268.5
-1.9
1,520.8
700.9
3,848.7
4,410.6
-439.3
-2.8
1,770.5
809.7
524.6
448.1
76.5
-187.4
-110.9
5.8
0.0
104.2
2.0
721.4
604.4
117.0
-178.9
-61.9
38.0
0.9
142.2
1.9
800.9
873.7
-72.8
-169.2
-242.0
23.5
0.5
162.1
1.6
1,174.5
902.6
271.9
-51.3
220.6
63.9
0.9
237.2
2.4
1,359.0
1,044.8
314.2
10.3
324.5
146.1
4.9
403.3
3.6
1,743.5
1,406.7
336.8
-12.1
324.7
208.4
5.8
602.5
4.0
1,401.8
1,390.7
11.1
100.2
111.3
38.5
1.0
657.0
4.7
2,084.1
1,397.9
686.2
-35.5
650.7
35.0
0.8
690.8
5.0
2,466.7
1,679.1
787.6
-536.5
251.1
124.1
2.8
816.9
4.4
2,563.4
1,782.4
781.1
-539.7
241.3
180.1
3.5
1,008.4
5.1
CBvS 15
Source: Central Bank of Suriname, Ministry of Finance, Suriname Debt
Management Office, General Bureau of Statistics, and IMF
Suriname: Selected Macroeconomic Indicators
II. Selected Macroeconomic Indicators
Suriname: Selected Macroeconomic Indicators
Financial Sector
Money supply [M1] (SRDMn)
Broad money [M2] (SRDMn)
Net credit to the government (SRDMn)
Credit to the private sector (SRDMn)
Deposit rate (%)
Lending rate (%)
Exchange Rate and Inflation
Official buying rate (SRD per US$)
Official selling rate (SRD per US$)
Annual average inflation (%)
End-of-period inflation (%)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
939.2
1,497.2
300.5
596.7
8.5
20.8
1,226.7
1,978.4
378.6
784.9
8.1
19.0
1,288.3
2,204.5
401.4
974.2
6.7
16.3
1,549.5
2,793.4
330.4
1,332.9
6.6
15.3
1,939.0
3,597.0
139.1
1,784.0
6.3
12.9
2,434.1
4,336.6
-73.1
2,409.7
6.4
11.7
2,677.9
4,994.8
115.7
2,707.4
6.2
11.6
3,003.8
5,525.2
191.4
3,051.9
6.2
11.8
3,546.5
6,710.0
-63.5
3,660.1
6.6
11.7
4,305.3
8,128.5
-9.4
4,229.0
7.0
11.8
2.60
2.65
23.9
14.1
2.68
2.75
9.6
9.1
2.70
2.78
9.5
15.8
2.71
2.78
11.3
4.7
2.71
2.78
6.4
8.3
2.71
2.78
14.7
9.4
2.71
2.78
-0.1
1.3
2.71
2.78
6.9
10.3
3.25
3.35
17.7
15.3
3.25
3.35
5.0
4.3
CBvS 16
Source: Central Bank of Suriname
Cont’d.
III. Real Sector
III. Real Sector
Nominal GDP
18,000
16,000
35.0
Annual growth rates
15,643 30.0 30.0
14,000
25.0
21.6 19.6 10,000
20.3 18.0 8,000
15.0
12.7 6,000
20.0
17.3 Source: General Bureau of Statistics
SRDMn
12,000
11.2 11.9 10.0
9.7 4,000
5.0
2,000
0
0.0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012*
* IMF Estimate
CBvS 18
III. Real Sector
Real GDP
Annual growth rates
12,000
7.3
10,000
9,851 6.5
5.8
4.9
SRDMn
5.1
6,000
4.7
4.5
2011
2012*
4.1
4.1
Source: General Bureau of Statistics
8,000
3.0
4,000
2,000
0
2003
2004
2005
2006
2007
2008
2009
2010
* IMF Estimate
CBvS 19
III. Real Sector
2004
2006
2007
2008
2009
2010
2011 2012*
2003
2004
2005
9,010 8,087
8,329
7,490
5,832
5,283
4,550
3,838
3,452
6,921
29,283 26,055
22,570
20,297
18,756
15,806
14,291
12,248
2005
Source: General Bureau of Statistics
2003
10,359
8,729
GDP per capita in SRD and US$ (Current Prices)
US$
SRD
2006
2007
2008
2009
2010
2011 2012*
* CBvS Estimate
CBvS 20
III. Real Sector
Inflation (e-o-p, %)
15.8
15.3
14.1
10.3
9.4
9.1
4.7
4.3
1.3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 21
Source: General Bureau of Statistics
8.3
III. Real Sector
Inflation - Contribution by Major Groups (2012 - %)
Food Away from Home, 1.2
Miscellaneous Goods Recreation, Culture and and Services, 9.6 Education, 2.7
Communication, 0.7
Transportation, 9.4
Housing and Utilities, 21.7
Food and Non Alcoholic Beverages, 36.8
Source: General Bureau of Statistics
Health Care, 1.5
Alcoholic Beverages and Tobacco, 9.7
Household Furnishings, 4.3
Clothing and Footwear, 2.5
CBvS 22
III. Real Sector
Total Employed
160,000
7.4
Annual growth rates
8.
134,021 7.
140,000
6.1
120,000
6.
5.
4.7
3.8
80,000
4.
3.2
60,000
3.
2.3
40,000
2.0
1.6
20,000
1.
0.5
0
2002
2003
2004
0.5
2005
2006
2.
2007
2008
2009
0.
2010
2011
CBvS 23
Source: General Bureau of Statistics
100,000
III. Real Sector
Unemployment Rate
12.3
11.0
10.7
10.0
9.3
9.0
8.0
7.6
Source: General Bureau of Statistics
7.0
8.0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
CBvS 24
Monetary
IV. PublicSector
Sector
IV. Public Sector
Expenditure
2003
2004
2005
2006
3,538
Source: Ministry of Finance
2,606
2,955
2,945
2,355
2,210
2,368
2,018
1,575
1,467
1,212
1,268
1,083
882
836
1,184
2,860
3,551
Revenue
3,849
4,410
Government Revenue and Expenditure (SRDMn)
2007
2008
2009
2010
2011
2012
CBvS 26
IV. Public Sector
Government Revenue and Expenditure (% of GDP)
31
29.4
29
28.2
27
26.9
25
24.6
23
21
20.4
19
19.8
17
15
2003
2004
2005
2006
2007
Revenue
2008
2009
2010
2011
2012
Expenditure
CBvS 27
Source: General Bureau of Statistics, IMF, and Ministry of Finance
33
IV. Public Sector
Fiscal Balance
5.7
6
500
4
300
2
100
0
‐100
‐300
‐2
‐2.0
‐2.8
‐500
‐700
2003
2004
2005
2006
2007
SRDMn
2008
2009
2010
2011
2012
% of GDP
CBvS 28
‐4
‐6
Source: General Bureau of Statistics, IMF, and Ministry of Finance
700
IV. Public Sector
(US$Mn)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
CBvS 29
Source: Suriname Debt Management Office
701
648
646
643
439
498
493
522
457
810
1,771
1,521
1,498
1,144
914
Government External Debt
633
721
782
651
410
Government Domestic Debt (SRDMn)
IV. Public Sector
35
Domestic
30
External
28.8
25
20
19.3
15.0
15
12.5
12.8
10
7.8
5
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 30
Source: Suriname Debt Management Office, and General Bureau of Statistics
Government Debt (% of GDP)
IV. Public Sector
1,771
Government Domestic Debt - Composition (SRDMn)
Guarantees and undisbursed commitments
2010
2011
633
721
782
410
651
914
Source: Suriname Debt Management Office
1,144
Central Bank
1,530
Other banks
1,498
Private sector
2003
2004
2005
2006
2007
2008
2009
2012
CBvS 31
IV. Public Sector
2006
2009
701
648
2008
439
Source: Suriname Debt Management Office
2005
646
498
2003
643
493
2004
457
522
810
Government External Debt - Composition (US$Mn)
Multilateral
Bilateral
2007
Commercial
2010
2011
2012
Guarantees and undisbursed commitments
CBvS 32
IV. Public Sector
External Debt Indicators
1,600
120
1,400
100
1,000
800
60
US$
%
80
600
40
400
20
200
0
0
2003
2004
Debt per capita (US$)
2005
2006
Debt/GDP
2007
2008
Debt/Exports
2009
2010
2011
2012
Short‐term Debt/International Reserves
CBvS 33
Source: Central Bank of Suriname, Suriname Debt
Management Office, and General Bureau of Statistics
1,200
IV. Public Sector
331
Holdings of Treasury Bills (SRDMn)
2003
2004
2005
227
231
2006
2007
2008
2009
2010
2011
2012
CBvS 34
Source: Central Bank of Suriname
250
117
138
147
192
201
2,389
Banks
256
Non‐banks
V. External Sector
V. External Sector
Balance of Payments (US$Mn)
700
241
314
500
300
-100
-300
-500
2003
2004
2005
2006
Current account
2007
2008
2009
2010
2011
2012
Capital and financial account
CBvS 36
Source: Central Bank of Suriname
100
V. External Sector
Exports - Imports - Trade Balance (US$Mn)
2,563
3,000
2,500
2,000
781
1,500
1,000
0
‐500
‐1,000
‐1,500
‐1,782
‐2,000
‐2,500
2003
2004
2005
2006
Exports
2007
Imports
2008
2009
2010
2011
2012
Trade balance
CBvS 37
Source: Central Bank of Suriname
500
V. External Sector
20
18.0
16.1
15
10
5
0
2003
‐5
2004
2005
2006
2007
2008
2009
2010
2011
2012
‐3.2
CBvS 38
Source: Central Bank of Suriname, IMF, and General Bureau of Statistics
Trade Balance (% of GDP)
V. External Sector
International Reserves (US$Mn)
1,008.4
816.9
602.5
657.0
690.8
104.2
2003
142.2
162.1
2004
2005
Source: Central Bank of Suriname
403.3
237.2
2006
2007
2008
2009
2010
2011
2012
CBvS 39
V. External Sector
International Reserves - Composition (%)
100
90
12
80
12
70
60
32
40
30
43
20
10
0
2003
2004
Currency & deposits
2005
2006
Securities
2007
2008
Monetary gold
2009
SDR holdings
2010
2011
2012
IMF reserve position
CBvS 40
Source: Central Bank of Suriname
50
V. External Sector
Import Coverage (Months)
7.9
Import coverage
Adjusted import coverage
6.1
5.1
4.4
2.1
1.6
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 41
Source: Central Bank of Suriname
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
V. External Sector
Exchange Rates - Average
4.486
4.178
3.250
2004
2005
2006
SRD / US$
2007
2008
2009
2010
2011
2012
SRD / €
CBvS 42
Source: Central Bank of Suriname
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
2003
VI. Monetary Sector
VI. Monetary Sector
Base Money
2,500
16
Liabilities to ODCs
14.9 Currency in circulation
12.6 % of GDP
2,000
12.5 1,500
10.4 9.6 9.5 1,193
8.5 10
8
1,000
Source: Central Bank of Suriname
SRDMn
10.2 12
11.2 11.2 14
6
500
977 4
2
0
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 44
VI. Monetary Sector
Monetary Aggregates
9,000
M2 in % of GDP
8,000
52.0 44.6 7,000
38.8 35.6 36.1 46.1 47.7 M2 38.8 5,000
4,000
3,000
M1 2,000
1,000
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 45
Source: Central Bank of Suriname
SRDMn
6,000
44.7 47.0 VI. Monetary Sector
M2 - Currency Composition (SRDMn)
8,129 FC
SRD
6,710 5,525 4,995 3,597 2,793 1,978 2,205 4,387 1,497 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 46
Source: Central Bank of Suriname
4,337 VI. Monetary Sector
M2 - by Instrument
(SRDMn)
9,000
Time deposits
8,000
7,000
6,000
Saving deposits
1,298 Transferable deposits
Banknotes and coins
2,526 4,000
3,000
3,459 2,000
1,000
846 0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 47
Source: Central Bank of Suriname
5,000
VI. Monetary Sector
Depository Corporations Credit - by Sector
31.7
5,000
SRDMn
4,000
25.4
20.9
22.0
2.6.9
30.6
30.7
31.3
3
Source: Central Bank of Suriname, IMF, and General Bureau of Statistics
6,000
3
27.6
661
22.0
2
2
3,000
1
4,229
2,000
1,000
1
5
0
0
2003
2004
Private sector
2005
2006
2007
2008
Public sector
2009
2010
2011
2012
% of GDP
CBvS 48
VI. Monetary Sector
Other Depository Corporations Credit - by Currency (SRDMn)
4,465
FC
3,803
SRD
3,213
2,766
1,929
1,531
686
2003
937
2004
2,708
1,164
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 49
Source: Central Bank of Suriname
2,488
VI. Monetary Sector
Other Depository Corporations Credit - Contribution by Sector (2012 - %)
Manufacturing, 7.7 Construction, 3.3 Mining, 2.4 Agriculture, 2.9 Government, 5.6 Other, 22.5 Transport, Storage, and Communication, 3.9 Housing, 15.8 Services, 9.0 CBvS 50
Source: Central Bank of Suriname
Trade, 26.9 VI. Monetary Sector
Other Depository Corporations Private Sector Credit - by Type
4,500
(SRDMn)
Investments
Other
4,000
Mortgage loans
Personal loans
3,500
Installment credit
Current account credit
3,000
2,500
Source: Central Bank of Suriname
2,000
1,500
1,000
500
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 51
VI. Monetary Sector
Other Depository Corporations - Nominal Interest Rates in SRD
23
Lending rate
21
Deposit rate
19
17
13
11
11.8 9
7
7.0 5
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 52
Source: Central Bank of Suriname
15
VI. Monetary Sector
Other Depository Corporations - Real Interest Rates in SRD
12
8
6
7.4 4
4.8 2
2.8 0
‐2
‐4
‐3.1 ‐6
‐8
‐7.9 ‐10
2003
2004
2005
2006
Lending rate
2007
2008
2009
2010
2011
2012
Deposit rate
CBvS 53
Source: Central Bank of Suriname, and General Bureau of Statistics
10.2 10
VI. Monetary Sector
Other Depository Corporations - Interest Rates in FC
11
10
9.6
9
9.6 8
7
6
4
2.6 3
2
0.7 1
0
2003
2004
Lending rate US$
2005
2006
2007
Deposit rate US$
2008
2009
Lending rate €
2010
2011
2012
Deposit rate €
CBvS 54
Source: Central Bank of Suriname
5
VI. Monetary Sector
Discount and Treasury Bills Rates
15
14
CBvS discount rate
14
Treasury bills rate
13
12.5
12
10
9
9
8
7.5
7
8
6
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 55
Source: Central Bank of Suriname
11
VI. Monetary Sector
Reserve Base and Required Reserves (SRDMn)
3,250
3,000
2,750
2,500
2,250
2,000
1,750
1,500
1,250
1,000
750
500
250
0
Reserve base
Source: Central Bank of Suriname
Required reserves
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 56
VI. Monetary Sector
Reserve Base and Required Reserves in FC
US$Mn
€Mn
350
800
Reserve base
Reserve base
700
300
Required reserves
600
Required reserves
250
500
400
Source: Central Bank of Suriname
200
150
300
100
200
50
100
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 57
VI. Monetary Sector
Other Depository Corporations - Dollarization Ratios
60
58.1
55
52.4
51.1
45
40
41.7
37.4
35
30
2003
2004
2005
2006
2007
2008
Deposit dollarisation
2009
2010
2011
2012
Credit dollarisation
CBvS 58
Source: Central Bank of Suriname
53.6
50
VII. Financial System
VII. Financial System
Number of Institutions Supervised: end-2012
9
4
6
2
1
1
36
5
1
23
8
96
Source: Central Bank of Suriname
Institutions
Commercial Banks
Life Insurance Companies
Non Life Insurance Companies
Funeral Insurance Companies
Composite Insurance Companies
Holding Companies
Pension Funds
Provident Funds
Savings Funds
Credit Unions
Other
Total
CBvS 60
VII. Financial System
Commercial banks
De Surinaamsche Bank
RBC Royal Bank Suriname
Hakrinbank
Surinaamse Volkscredietbank
Landbouwbank
Surinaamse Postspaarbank
Finabank
Surichange Bank
Coöperatieve Spaar- en Kredietbank Godo G.A
State
ownership
10
0
51
100
100
100
0
0
0
Foreign
ownership
0
100
0
0
0
0
0
0
0
CBvS 61
Source: Central Bank of Suriname
Structure of Commercial Banking System: end-2012 (in percent)
Financial System - Asset Distribution
100
90
80
70
VII. Financial System
(%)
7
8
9
8
8
7
8
8
8
24
22
20
20
17
17
15
15
14
66
67
68
69
72
73
74
76
77
2003
2004
2005
2006
2007
2008
2009
2010
2011
60
40
30
20
10
0
Banks
Pension funds
Insurance companies
Credit unions
Other
CBvS 62
Source: Central Bank of Suriname
50
VII. Financial System
90
80
70
65.6
60
50
43.8
40
29.0
30
20
2004
2005
2006
Banks' private sector loans
2007
2008
Banks' deposits
2009
2010
2011
Financial assets
CBvS 63
Source: Central Bank of Suriname, and General Bureau of Statistics
Financial Intermediation (% of GDP)
Financial Soundness Indicators
VII. Financial System
(%)
90
80
70
60
50
30.6
24.8
30
20
6.2
10
1.9
0
2003
2004
2005
NPLs to gross loans
2006
2007
2008
NPLs net of provisions to capital
2009
2010
ROA
2011
2012
ROE
CBvS 64
Source: Central Bank of Suriname
40
VIII. Mining Sector
VIII. Mining Sector
Total Government Revenue - by Sector
4,500
4,000
Non-mining
3,000
SRDMn
10.7
Government mining revenue in % of GDP
3,500
7.3
2,500
2,000
10.6
7.2
7.4
1,672
7.9
6.8
5.7
10
8
6
4.6
3.6
1,500
4
2,420
1,000
2
500
0
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 66
Source: Central Bank of Suriname, General Bureau of Statistics, IMF,
Ministry of Finance, and Mining Companies
12
Mining
VIII. Mining Sector
Mining Sector Government Revenue - by Major Industry
(%)
100
90
70
60
50
40
62
30
20
10
6
0
2003
2004
2005
2006
Bauxite
2007
2008
Oil
2009
2010
2011
2012
Gold
CBvS 67
Source: Central Bank of Suriname, Ministry of Finance,
and Mining Companies
33
80
VIII. Mining Sector
Mining Sector Employment
3,500
3.0
2.6
2.5
2.5
2.5
2.4
2.4
2.5
1,538
2,500
Source: Central Bank of Suriname, General Bureau of Statistics,
and Mining Companies
2.6
3,000
2.5
2.0
1.8
2,000
1.5
1,500
810
1.0
1,000
500
952
0.5
0.0
0
2003
2004
Bauxite
2005
2006
Oil
2007
Gold
2008
2009
2010
2011
Mining sector in % of total employment
CBvS 68
VIII. Mining Sector
Composition of Exports (US$Mn)
2,467
Oil
Gold
Alumina
2,564
128
351
2,084
1,744
1,402
1,359
1,175
721
1,711
801
525
373
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CBvS 69
Source: Central Bank of Suriname, and Mining Companies
Non‐mining
IX. Country Comparison
IX. Country Comparison
2003
2004
2005
Trinidad & Tobago
2006
2007
Barbados
2008
Jamaica
2009
Guyana
2010
2011
2012
Suriname
CBvS 71
Source: Country Websites, IMF, World Bank
0.4
0.0
0.1
3.3
4.5
Real GDP Growth (%)
IX. Country Comparison
2003
2004
2005
Trinidad & Tobago
2006
2007
Barbados
2008
Jamaica
2009
Guyana
2010
2011
2012
Suriname
CBvS 72
Source: Country Websites, IMF, World Bank
1.2
4.6
4.3
7.4
7.2
Inflation (%)
IX. Country Comparison
(US$)
2003
2004
Trinidad & Tobago
2005
2006
Barbados
2007
Jamaica
2008
Guyana
2009
2010
Suriname
CBvS 73
Source: Country Websites, IMF, World Bank
7,710
3,460
7,470
24,350
PPP GNI per capita
IX. Country Comparison
2003
2004
Trinidad & Tobago
2005
2006
Barbados
2007
2008
Jamaica
2009
2010
2011
Suriname
CBvS 74
Source: Country Websites, IMF, World Bank
4.9
8.0
11.2
12.8
Unemployment Rate
X. Glossary
X. Glossary
Glossary
Adjusted import coverage: ratio of gross international reserves to non-mining imports of goods and
services, expressed in months. The mining sector is not dependent on the country’s international reserves
as it finances its own imports.
Balance of payments: statistical statement that summarizes all transactions between residents and
non-residents during a specified period of time.
Broad money (M2): liabilities issued by depository corporations that can be used as means of
payments in the economy, including currency, transferable and other deposits, and securities other than
shares. Other deposits include savings and time deposits. Securities other than shares include mainly gold
certificates issued by the Central Bank of Suriname (CBvS). Currency refers to domestic currency, while
deposits include both in domestic and in foreign currency.
Depository Corporations (DCs): includes the CBvS and the ODCs.
Depository Corporations Credit: includes depository corporations’ credit, both in domestic and in
foreign currency to the public and private sector.
Discount rate: rate at which the CBvS extends credit to the commercial banks and the government.
CBvS 76
X. Glossary
Glossary
Cont’d.
Dollarization ratios: Deposit dollarization refers to the ratio of foreign currency deposits to total
ODCs deposits. Credit dollarization refers to the ratio of foreign currency credit to total private sector
credit by ODCs.
Exchange rate: refers to the average buying rate of the CBvS.
Government expenditure: excludes amortization.
Government revenues: includes grants.
Government debt: total outstanding debt according to National Debt Act (SB 2002 no. 27) which
includes undisbursed commitments and government guarantees.
Gross Domestic Product (GDP): market value of goods and services produced annually in the
country minus the value of imported raw materials and intermediate inputs.
IMF: International Monetary Fund. Suriname became a member country on April 27, 1978.
Import coverage: ratio of gross international reserves to total imports of goods and services, expressed
in months.
CBvS 77
X. Glossary
Glossary
Cont’d.
Inflation: percentage change of the end-of-year consumer price index (CPI).
International reserves: convertible gross claims on non-residents and monetary gold of the CBvS,
which are freely accessible for intervention in the foreign exchange market or for meeting balance of
payments needs. Reserve assets comprise monetary gold, SDR allocations, reserve position in the IMF,
convertible currencies, deposits and securities.
Lending and deposit rates: refers to weighted average rates; based on actual volumes of all deposits
and loans extended by other depository corporations at specific rates of interest.
Mining sector: includes the bauxite, oil, and gold sectors.
Monetary base (M0): liabilities of the CBvS that support the expansion of liquidity in the short term,
including currency issue and deposits of commercial banks. Deposit liabilities include both in domestic
and in foreign currency.
Narrow money (M1): liquid means of payments issued by depository corporations, such as currency
and transferable deposits. Transferable deposits include both in domestic and in foreign currency.
CBvS 78
X. Glossary
Glossary
Cont’d.
NPLs: nonperforming loans.
Other Depository Corporations (ODCs): financial corporations other than the CBvS that accept
deposits included in the definition of broad money. From 2002-2005 only commercial banks (8) were
included in the coverage. Between 2006-2009, the five largest credit unions and one independently
operating finance company were also included, thereafter the credit unions were dropped from the coverage as the
largest credit union became a commercial bank. In 2011, another finance company was included in the coverage.
Return on Assets (ROA): profitability indicator measuring the efficiency of a business in utilizing its
assets.
Return on Equity (ROE): profitability indicator measuring the efficiency of a business in using its
capital.
SDR: Special Drawing Right, the accounting unit of the IMF since 1969.
Short-term government debt: debt with an original maturity of one year or less. Includes arrears on
principle, interest and penalty payments.
CBvS 79