Suriname Country-profile May2013

7/29/2019 Suriname Country-profile May2013

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Suriname Country ProleEconomic and Financial Data

Central Bank of Suriname

Statistics Department

May 2013


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Preface

This rst edition of our Country Prole has been produced by the Statistics Department of the CentralBank of Suriname. The Prole provides an overall picture of the Surinamese economy with graphs and

tables covering up to 10 years of economic and nancial data. Various international comparisons arealso included to help place Surinames economic developments in a broader regional context.

The publication of this Prole ts in the Central Bank of Surinames 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 andgrowth-oriented policy mix underpinning a steady pace of economic activity. Investment and growth

prospects remain strong. We are condent that this publication will evidence the strength of theSurinamese economy and provide useful insights to the reader.

G. HoefdraadGovernor


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I. Useful Information _________________________________________ 04

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 _________________________ 65

IX. Country Comparison _______________________ 70

X. Glossary _____________________ 75

Summary


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I. Useful Information

I. Useul Inormation


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CBvS 5

Ofcial Name:

Republic of Suriname

Independence:

November 25, 1975

Area:

163,820 km2

Population (2012):

534,189

Government:

A Presidential Republic

Ofcial Language:

Dutch

Location:

South-America

Capital:

Paramaribo

Currency:

Suriname Dollar

Climate:

Tropical

President of Republic:

Desir Delano Bouterse

GDP (2012):

US$ 5.2 billion

Suriname


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CBvS 6

Suriname


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CBvS 7

The Ten Districts of Suriname

District Capital Area in km2

Marowijne Albina 4,627

Commewijne Nieuw-Amsterdam 2,353

Paramaribo Paramaribo 182

Wanica Lelydorp 443

Saramacca Groningen 3,636Coronie Totness 3,902

Nickerie Nieuw-Nickerie 5,353

Para Onverwacht 5,393

Brokopondo Brokopondo 7,364

Sipaliwini Paramaribo

(administered)

130,567

Total 163,820


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CBvS 8

Labour, Technological Development and Environment Michael MiskinTransport, Communication and Tourism Falisi PinasFinance Adelien WijnermanForeign Affairs Winston LackinHome Affairs Soewarto MoestadjaJustice and Police Edward BelfortRegional Development Stanley BettersonPhysical Planning, Land - and Forestry Management Ginmardo KromosoetoSocial Affairs and Housing Alice AmafoSport and Youth Affairs Ismanto AdnaHealth Michel BloklandPublic Works Ramon AbrahamsEducation and Community Development Shirley Sitaldin

Natural Resources Jim HokAgriculture, Animal Husbandry and Fisheries Hendrik SetrowidjojoTrade and Industry Raymond Sapoen

Defence Lamur Latour

Ministers


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CBvS 9

Historical Overview of Credit Ratings to Suriname

17/Nov/99 B/stable B-/stable

31/Jan/01 B/CW-negative B-/CW-negative

11/Jan/02 B/stable B-/stable

29/May/02 B/stable B-/positive

28/Jul/03 B/stable B-/stable28/Jul/04 B/stable SD

03/Aug/04 B/stable B-/stable

09/Nov/05 B/stable B-/positive

11/Dec/06 B+/positive B/positive

16/Nov/07 BB-/stable B+/stable

16/Apr/08 BB-/stable B+/stable

22/Dec/09 BB-/positive B+/positive

19/Apr/11 BB-/stable B+/positive19/Aug/11 BB-/stable BB-/stable

30/Apr/12 BB-/stable BB-/stable

25/Apr/13 BB-/positve BB-/positive

Domestic

currency/Outlook

Foreign

currency/Outlook

Standard

& Poor's

Rating

AgencyDate

Source:

Standard&Poors,CW=CreditWatchSD=SelectedDeault


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CBvS 10

Historical Overview of Credit Ratings to Suriname

Source:Moodys,Fitch

Contd.

Moody's 03/Feb/04 Ba3/stable B1/stable

06/Feb/08 Ba3/stable B1/stable

23/Dec/11 Ba3/stable B1/stable

14/Aug/12 Ba3/positive Ba3/positive

Fitch 17/Jun/04 B+/stable B/stable

20/Jan/06 B+/stable B/stable

25/May/07 B+/stable B/stable

11/Jul/08 B+/stable B/stable

20/Oct/09 B+/stable B/positive29/Jul/11 B+/stable B+/stable

10/Jul/12 BB-/stable BB-/stable

Domestic

currency/Outlook

Foreign

currency/Outlook

Rating

AgencyDate


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CBvS 11

Population by Age and Sex (2012)

Source:GeneralBureauoStatistics

0-14 15-29 30-44 45-59 60+

Women

Men

147,151

129,952

109,615

86,659

54,427


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CBvS 12

Government of Suriname

www.gov.sr

Ofce of the President

www.president.gov.sr

Ministry of Finance

www.gov.sr/nance

Suriname Debt Management Ofce

www.sdmo.org

General Bureau of Statistics

www.statistics-suriname.org

Suriname Chamber of Commerce

www.surinamechamber.com

Central Bank of Suriname

www.cbvs.sr

National Planning Ofcewww.planbureau.net

Suriname Tourism Foundation

www.suriname-tourism.org

Suriname Business Development

www.sbc.sr

Useful Links about Suriname


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CBvS 13

Anton de Kom University of Suriname

www.uvs.edu

Suriname Trade and Industry Association

www.vsbstia.org

International Monetary Fundwww.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

Useful Links about SurinameContd.


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II. Selected MacroeconomicIndicatorsII. Selected Macroeconomic Indicators


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II. Selected Macroeconomic Indicators

CBvS 15

Suriname: Selected Macroeconomic Indicators

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Production

GDP market prices (SRDMn) 4,199.9 5,105.3 6,105.9 7,206.3 8,060.5 9,698.1 10,638.4 11,988.7 14,067.3 15,642.8

Real GDP growth (%) 6.5 7.3 4.9 5.8 5.1 4.1 3.0 4.1 4.7 4.5

GDP per capita (US$) 3,452 3,838 4,550 5,283 5,832 6,921 7,490 8,329 8,087 9,010

Government Finances

Revenue (SRDMn) 882.0 1,082.8 1,211.5 1,575.1 2,368.0 2,354.7 2,944.7 2,606.1 3,537.5 3,848.7

Expenditure (SRDMn) 835.5 1,183.9 1,267.9 1,467.1 2,018.2 2,209.7 2,859.5 2,955.4 3,551.1 4,410.6Overall balance (SRDMn) 46.5 -101.1 -56.4 108.0 459.3 160.4 -219.6 -305.1 -268.5 -439.3

Overall balance in % of GDP 1.1 -2.0 -0.9 1.5 5.7 1.7 -2.1 -2.5 -1.9 -2.8

Government domestic debt (SRDMn) 410.4 650.6 781.8 720.7 632.5 914.3 1,144.1 1,499.0 1,520.8 1,770.5

Government external debt (US$Mn) 456.8 522.0 493.4 497.6 438.6 643.4 645.7 648.2 700.9 809.7

Balance of Payments

Merchandise exports (US$Mn) 524.6 721.4 800.9 1,174.5 1,359.0 1,743.5 1,401.8 2,084.1 2,466.7 2,563.4

Merchandise imports (US$Mn) 448.1 604.4 873.7 902.6 1,044.8 1,406.7 1,390.7 1,397.9 1,679.1 1,782.4

Trade balance (US$Mn) 76.5 117.0 -72.8 271.9 314.2 336.8 11.1 686.2 787.6 781.1

Net services, income and current transfers (US$Mn) -187.4 -178.9 -169.2 -51.3 10.3 -12.1 100.2 -35.5 -536.5 -539.7

Current account balance (US$Mn) -110.9 -61.9 -242.0 220.6 324.5 324.7 111.3 650.7 251.1 241.3

Overall balance (US$Mn) 5.8 38.0 23.5 63.9 146.1 208.4 38.5 35.0 124.1 180.1Overall balance in % of GDP 0.0 0.9 0.5 0.9 4.9 5.8 1.0 0.8 2.8 3.5

Gross international reserves (US$Mn) 104.2 142.2 162.1 237.2 403.3 602.5 657.0 690.8 816.9 1,008.4

Import coverage (months) 2.0 1.9 1.6 2.4 3.6 4.0 4.7 5.0 4.4 5.1Source:CentralBankoSuriname,MinistryoF

inance,SurinameDebt

Manageme

ntOfce,GeneralBureauoStatistics,andIMF


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II. Selected Macroeconomic Indicators

CBvS 16

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Financial Sector

Money supply [M1] (SRDMn) 939.2 1,226.7 1,288.3 1,549.5 1,939.0 2,434.1 2,677.9 3,003.8 3,546.5 4,305.3

Broad money [M2] (SRDMn) 1,497.2 1,978.4 2,204.5 2,793.4 3,597.0 4,336.6 4,994.8 5,525.2 6,710.0 8,128.5

Net credit to the government (SRDMn) 300.5 378.6 401.4 330.4 139.1 -73.1 115.7 191.4 -63.5 -9.4Credit to the private sector (SRDMn) 596.7 784.9 974.2 1,332.9 1,784.0 2,409.7 2,707.4 3,051.9 3,660.1 4,229.0

Deposit rate (%) 8.5 8.1 6.7 6.6 6.3 6.4 6.2 6.2 6.6 7.0

Lending rate (%) 20.8 19.0 16.3 15.3 12.9 11.7 11.6 11.8 11.7 11.8

Exchange Rate and Inflation

Official buying rate (SRD per US$) 2.60 2.68 2.70 2.71 2.71 2.71 2.71 2.71 3.25 3.25

Official selling rate (SRD per US$) 2.65 2.75 2.78 2.78 2.78 2.78 2.78 2.78 3.35 3.35

Annual average inflation (%) 23.9 9.6 9.5 11.3 6.4 14.7 -0.1 6.9 17.7 5.0End-of-period inflation (%) 14.1 9.1 15.8 4.7 8.3 9.4 1.3 10.3 15.3 4.3

Suriname: Selected Macroeconomic IndicatorsContd.

Source:CentralBankoSuriname


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III. Real Sector


18/79

III. Real Sector

CBvS 18

15,64330.0

21.619.6 18.0

11.9

20.3

9.7

12.717.3

11.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

SRDMn

Annualgrowthrates

Nominal GDP

Source:

GeneralBureauoStatistics

* IMF Estimate


19/79

III. Real Sector

CBvS 19

9,8516.57.3

4.9

5.8

5.1

4.1

3.0

4.1

4.7 4.5

0

2,000

4,000

6,000

8,000

10,000

12,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

SRDMn

AnnualgrowthratesReal GDP

Source

:GeneralBureauoStatistics

* IMF Estimate


20/79

III. Real Sector

CBvS 20

GDP per capita in SRD and US$ (Current Prices)

8,

729

10

,359

12

,248

14

,291

15

,806

18

,75

6

20

,297

22

,570

26

,055

29

,283

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

3,

452

3,

838

4,

550 5

,283

5,

832

6,

921

7,

490 8

,329

8,

087 9

,010

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

SRD US$

Source:


* CBvS Estimate


21/79

III. Real Sector

CBvS 21

14.1

9.1

15.8

4.7

8.3

9.4

1.3

10.3

15.3

4.3

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ination (e-o-p, %)



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III. Real Sector

CBvS 22

Infation - Contribution by Major Groups (2012 - %)

Source:


FoodandNonAlcoholicBeverages,36.8

AlcoholicBeveragesandTobacco,9.7

ClothingandFootwear,2.5

HousingandUtilities,21.7

HouseholdFurnishings,4.3

HealthCare,1.5Transportation,9.4

Communication,0.7

Recreation,CultureandEducation,2.7

FoodAwayfromHome,1.2

MiscellaneousGoodsandServices,9.6


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III. Real Sector

CBvS 23

Total Employed

134,0217.4

6.1

0.5

4.7

1.6

3.8

2.3

0.5

3.2

2.0

0.

1.

2.

3.

4.

5.

6.

7.

8.

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annualgrowthrates



24/79

III. Real Sector

CBvS 24

Unemployment Rate

10.0

7.0

8.0

11.0

12.3

10.7

9.39.0

7.68.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011



25/79

Monetary SectorIV. Public Sector


26/79

IV. Public Sector

CBvS 26

836

1,

184

1,

268

1,

467

2,

018

2,

210

2,

860

2,

955

3,

551

4,

410

882 1

,083

1,

212 1

,575

2,3

68

2,3

55

2,

945

2,

606

3,

538

3,

849

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Expenditure

Revenue

Source:MinistryoFinance

Government Revenue and Expenditure(SRDMn)


27/79

IV. Public Sector

CBvS 27

19.8

29.4

24.6

20.4

26.9

28.2

15

17

19

21

23

25

27

29

31

33

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Revenue Expenditure

Sourc

e:GeneralBureauoStatistics,IMF,andMinistryoFinance

Government Revenue and Expenditure (% of GDP)


28/79

IV. Public Sector

CBvS 28

2.0

5.7

2.8

6

4

2

0

2

4

6

700

500

300

100

100

300

500

700

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SRDMn %ofGDP

Fiscal Balance

Source:GeneralBureauoStatistics,IMF,andMinistryoFinance


29/79

IV. Public Sector

CBvS 29

410 6

51 7

82

721

633

914

1,144

1,498

1,521 1

,771

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

457 5

22

493

498

439

6

43

646

648

701

810

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Sourc

e:SurinameDebtManagementOfce

Government Domestic Debt (SRDMn) Government External Debt(US$Mn)


30/79

IV. Public Sector

CBvS 30

12.8

7.8

12.5

28.8

15.0

19.3

0

5

10

15

20

25

30

35

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Domestic External

Government Debt(% of GDP)

Sour

ce:SurinameDebtManagementOfc

e,andGeneralBureauoStatistics


31/79

IV. Public Sector

CBvS 31

410

651

782

721

633

914

1,

144

1,

498

1,

530

1,

771

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

GuaranteesandundisbursedcommitmentsPrivatesectorOtherbanksCentralBank

Source:SurinameDebtManagementOfce

Government Domestic Debt - Composition (SRDMn)


32/79

IV. Public Sector

CBvS 32

457

522

493

498

439

643

646 6

48 7

01

810

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Multilateral Bilateral Commercial Guaranteesandundisbursedcommitments

Government External Debt - Composition(US$Mn)

Source:SurinameDebtManagementOfc

e


33/79

IV. Public Sector

CBvS 33

0

200

400

600

800

1,000

1,200

1,400

1,600

0

20

40

60

80

100

120

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

US$

%

Debtpercapita(US$) Debt/GDP Debt/Exports ShorttermDebt/InternationalReserves

External Debt Indicators

Source:CentralBankoSuriname,Surinam

eDebt

ManagementOfce,andGeneralBureauo

Statistics


34/79

IV. Public Sector

CBvS 34

250

147

201

2,

389 2

56

19

2

138

117

231

227

331

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Nonbanks

Banks

Holdings of Treasury Bills (SRDMn)

Sour

ce:CentralBankoSuriname


35/79

V. External Sector


36/79

V. External Sector

CBvS 36

Balance of Payments(US$Mn)

241

314

-500

-300

-100

100

300

500

700

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Currentaccount CapitalandfinancialaccountSource:CentralBankoSuriname


37/79

V. External Sector

CBvS 37

Exports - Imports - Trade Balance(US$Mn)

2,

563

1,7

82

781

2,500

2,000

1,500

1,000

500

0

500

1,000

1,500

2,000

2,500

3,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Exports Imports Trade balance



38/79

V. External Sector

CBvS 38

Trade Balance (% of GDP)

3.2

18.0

16.1

5

0

5

10

15

20

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source:CentralBankoSuriname,IMF,andGeneralBureauoStatistics


39/79

V. External Sector

CBvS 39

International Reserves(US$Mn)

Sour

ce:CentralBankoSuriname

104.2142.2 162.1

237.2

403.3

602.5657.0

690.8

816.9

1,008.4

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


40/79

V. External Sector

CBvS 40


International Reserves - Composition(%)

43

32

12

12

0

10

20

30

40

50

60

70

80

90

100

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Currency&deposits Securities Monetarygold SDRholdings IMFreserveposition


41/79

V. External Sector

CBvS 41

Import Coverage(Months)

1.6

4.4

5.1

2.1

6.1

7.9

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Import coverage

Adjusted import coverage



42/79

V. External Sector

CBvS 42

3.250

4.486

4.178

2.0

2.2

2.4

2.6

2.8

3.03.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SRD/US$ SRD/

Exchange Rates - Average



43/79

VI. Monetary Sector


44/79

VI. Monetary Sector

CBvS 44

977

1,193

10.29.5

8.59.6

11.210.4

12.6 12.511.2

14.9

0

2

4

6

8

10

12

14

16

0

500

1,000

1,500

2,000

2,500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SRDMn

LiabilitiestoODCsCurrencyincirculation%ofGDP

Base Money

Sou

rce:CentralBankoSuriname


45/79

VI. Monetary Sector

CBvS 45

Monetary Aggregates


M1

M235.6 38.8 36.1 38.8

44.6 44.7 47.0 46.1 47.752.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SRDM

n

M2in%ofGDP


46/79

VI. Monetary Sector

CBvS 46

4,3871,497

1,978 2,2052,793

3,5974,337

4,9955,525

6,710

8,129

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

FC SRD

M2 - Currency Composition (SRDMn)

Sou



47/79

VI. Monetary Sector

CBvS 47

846

3,459

2,526

1,298

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

TimedepositsSavingdepositsTransferabledepositsBanknotesandcoins

M2 - by Instrument(SRDMn)

Sou


VI M t S t


48/79

VI. Monetary Sector

CBvS 48

Depository Corporations Credit - by Sector

Source:CentralBankoSuriname,IMF,a

ndGeneralBureauoStatistics

4,229

661

20.922.0 22.0

25.42.6.9 27.6

31.730.6 30.7 31.3

0

1,000

2,000

3,000

4,000

5,000

6,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SRDM

n

Privatesector Publicsector %ofGDP

VI M t S t


49/79

VI. Monetary Sector

CBvS 49

2,708

686

937

1,164

1,531

1,929

2,488

2,766

3,213

3,803

4,465

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

FC

SRD

Other Depository Corporations Credit - by Currency (SRDMn)

Sou


VI Monetary Sector


50/79

VI. Monetary Sector

CBvS 50

Agriculture,2.9Mining,2.4

Manufacturing,7.7Construction,3.3

Trade,26.9

Transport,Storage,andCommunication,3.9

Services,9.0Housing,15.8

Other,22.5

Government,5.6

Other Depository Corporations Credit - Contribution by Sector (2012 - %)


VI Monetary Sector


51/79

VI. Monetary Sector

CBvS 51

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Investments

Other

MortgageloansPersonalloansInstallmentcreditCurrentaccountcredit

Other Depository Corporations Private Sector Credit - by Type(SRDMn)

Sou


VI Monetary Sector


52/79

VI. Monetary Sector

CBvS 52

11.8

7.05

7

9

11

13

15

17

19

21

23

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

LendingrateDepositrate

Other Depository Corporations - Nominal Interest Rates in SRD


VI Monetary Sector


53/79

VI. Monetary Sector

CBvS 53

10.2

3.1

7.4

7.9

4.8

2.8

10

8

6

4

2

0

2

4

6

8

10

12

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Lending rate Deposit rate

Other Depository Corporations - Real Interest Rates in SRD

Sou

rce:CentralBankoSuriname,andG

eneralBureauoStatistics

VI. Monetary Sector


54/79

VI. Monetary Sector

CBvS 54

9.6

2.6

9.6

0.70

1

2

3

4

5

6

7

8

9

10

11

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

LendingrateUS$ DepositrateUS$ Lendingrate Depositrate

Other Depository Corporations - Interest Rates in FC


VI. Monetary Sector


55/79

VI. Monetary Sector

CBvS 55

14

9

12.5

7.5 8

6

7

8

9

10

11

12

13

14

15

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

CBvSdiscountrateTreasurybillsrate

Discount and Treasury Bills Rates


VI. Monetary Sector


56/79

y

CBvS 56

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

ReservebaseRequiredreserves

Reserve Base and Required Reserves(SRDMn)


VI. Monetary Sector


57/79

y

CBvS 57

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


0

100

200

300

400

500

600

700

800

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Reserve Base and Required Reserves in FC

US$Mn Mn


VI. Monetary Sector


58/79

CBvS 58

Other Depository Corporations - Dollarization Ratios

58.1

51.1 52.453.6

37.4

41.7

30

35

40

45

50

55

60

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Depositdollarisation CreditdollarisationSo

urce:CentralBankoSuriname


59/79

VII. Financial System



60/79

CBvS 60

Number of Institutions Supervised: end-2012

Commercial Banks 9

Life Insurance Companies 4

Non Life Insurance Companies 6

Funeral Insurance Companies 2

Composite Insurance Companies 1Holding Companies 1

Pension Funds 36

Provident Funds 5

Savings Funds 1

Credit Unions 23

Other 8Total 96

Institutions

So




61/79

CBvS 61

Structure of Commercial Banking System: end-2012(in percent)

Commercial banks

Foreign

ownership

De Surinaamsche Bank 10 0

RBC Royal Bank Suriname 0 100

Hakrinbank 51 0

Surinaamse Volkscredietbank 100 0Landbouwbank 100 0

Surinaamse Postspaarbank 100 0

Finabank 0 0

Surichange Bank 0 0

Coperatieve Spaar- en Kredietbank Godo G.A 0 0

State

ownership

So




62/79

CBvS 62

Financial System - Asset Distribution(%)

66 67 68 69 7273 74 76 77

24 22 20 20 1717 15 15

14

7 8 9 8 8 7 8 8 8

0

10

20

30

4050

60

70

80

90

100

2003 2004 2005 2006 2007 2008 2009 2010 2011

Banks Pensionfunds Insurancecompanies Creditunions OtherSo




63/79

CBvS 63

Financial Intermediation (% of GDP)

29.0

43.8

65.6

20

30

40

50

60

70

80

90

2004 2005 2006 2007 2008 2009 2010 2011

Banks'privatesectorloans Banks'deposits FinancialassetsSo

urce:CentralBankoSuriname,andGeneralBureauoStatistics



64/79

CBvS 64

Financial Soundness Indicators(%)

6.2

30.6

1.9

24.8

0

10

20

30

40

50

60

70

80

90

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

NPLstogrossloans NPLsnetofprovisionstocapital ROA ROESource:CentralBankoSuriname


65/79

VIII. Mining Sector

VIII. Mining Sector


66/79

CBvS 66

Total Government Revenue - by Sector

1,672

2,420

4.6

5.7

7.3

3.6

7.27.4

7.9

6.8

10.6

10.7

0

2

4

6

8

10

12

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SRDM

n

Mining

Non-mining

Government mining revenue in % of GDP

Source:CentralBankoSuriname,Gen

eralBureauoStatistics,IMF,

M

inistryoFinance,andMiningComp

anies

VIII. Mining Sector


67/79

CBvS 67

Mining Sector Government Revenue - by Major Industry(%)

6

62

33

0

10

20

30

40

50

60

70

80

90

100

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Bauxite Oil Gold

So

urce:CentralBankoSuriname,Min

istryoFinance,

an

dMiningCompanies

VIII. Mining Sector


68/79

CBvS 68

Mining Sector Employment

952

810

1,538

1.8

2.62.5

2.6

2.5 2.52.4

2.4 2.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2003 2004 2005 2006 2007 2008 2009 2010 2011

Bauxite Oil Gold Miningsectorin%oftotalemploymentSource:CentralBankoSuriname,Gen

eralBureauoStatistics,

andMiningCompanies

VIII. Mining Sector


69/79

CBvS 69

Composition of Exports (US$Mn)

Source:CentralBankoSuriname,and

MiningCompanies

373

1,711

128

351

525

721801

1,1751,359

1,744

1,402

2,084

2,4672,564

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Nonmining

Oil

Gold

Alumina


70/79

IX. Country Comparison



71/79

CBvS 71

0.4

0.0

0.1

3.3

4.5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Trinidad&Tobago Barbados Jamaica Guyana Suriname

Real GDP Growth (%)

Source:CountryWebsites,IMF,World

Bank



72/79

CBvS 72

7.2

1.

2

7.4

4.

6

4.

3

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Trinidad&Tobago Barbados Jamaica Guyana Suriname

Ination (%)

S

ource:CountryWebsites,IMF,World

Bank



73/79

CBvS 73

PPP GNI per capita(US$)

24,

350

7,

470

3,

460

7,

710

2003 2004 2005 2006 2007 2008 2009 2010

Trinidad&Tobago Barbados Jamaica Guyana Suriname Source:CountryWebsites,IMF,World

Bank



74/79

CBvS 74

Unemployment Rate

4.9

11.

212.

8

8.

0

2003 2004 2005 2006 2007 2008 2009 2010 2011

Trinidad&Tobago Barbados Jamaica SurinameS

ource:CountryWebsites,IMF,World

Bank


75/79

X. Glossary

X. Glossary


76/79

CBvS 76

Adjusted import coverage:ratio of gross international reserves to non-mining imports of goods andservices, expressed in months. The mining sector is not dependent on the countrys international reservesas it nances its own imports.

Balance of payments: statistical statement that summarizes all transactions between residents andnon-residents during a specied period of time.

Broad money (M2): liabilities issued by depository corporations that can be used as means ofpayments in the economy, including currency, transferable and other deposits, and securities other thanshares. Other deposits include savings and time deposits. Securities other than shares include mainly goldcerticates issued by the Central Bank of Suriname (CBvS). Currency refers to domestic currency, whiledeposits 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 inforeign currency to the public and private sector.

Discount rate: rate at which the CBvS extends credit to the commercial banks and the government.

Glossary

X. Glossary

Contd


77/79

CBvS 77

Glossary

Dollarization ratios: Deposit dollarization refers to the ratio of foreign currency deposits to totalODCs deposits. Credit dollarization refers to the ratio of foreign currency credit to total private sectorcredit 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) whichincludes undisbursed commitments and government guarantees.

Gross Domestic Product (GDP): market value of goods and services produced annually in thecountry 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, expressedin months.

Cont d.

X. Glossary

Contd.


78/79

CBvS 78

GlossaryInation: 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 depositsand loans extended by other depository corporations at specic 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 domesticand in foreign currency.

Narrow money (M1): liquid means of payments issued by depository corporations, such as currencyand transferable deposits. Transferable deposits include both in domestic and in foreign currency.

Cont d.

X. Glossary

Contd


79/79

CBvS 79

GlossaryNPLs: nonperforming loans.

Other Depository Corporations (ODCs): nancial corporations other than the CBvS that acceptdeposits included in the denition of broad money. From 2002-2005 only commercial banks (8) wereincluded in the coverage. Between 2006-2009, the ve largest credit unions and one independentlyoperating nance company were also included, thereafter the credit unions were dropped from the coverage as thelargest credit union became a commercial bank. In 2011, another nance company was included in the coverage.

Return on Assets (ROA):protability indicator measuring the efciency of a business in utilizing its

assets.Return on Equity (ROE): protability indicator measuring the efciency of a business in using itscapital.

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 onprinciple, interest and penalty payments.

Cont d.

Documents

Suriname Country-profile May2013