Discount Rate

The discount rate, i.e. the rate at which the Central Bank of Suriname (Bank) lends to the commercial banks and government, shows little variation over time, specifically in the early years of the existence of the Bank. The rate has little association with the domestic interest rates and was an inactive instrument throughout most of the time, given that the commercial banks did not need to borrow from the Bank. The rate mostly applies to the government. According to the Bank Act 1956, the Bank has the obligation to provide the government with short-term financing up to 10 percent of the budgeted revenues for a specific fiscal year. The Bank is permitted to grant only collateralized loans.

The following table summarizes the prevailing discount rates since 1957. 

The sharp increase in the discount rate in 1998, followed by a peak of 18% in 1999 was associated with the high inflation that plagued the Surinamese economy. The discount rate has been lowered since 2002 as macroeconomic conditions improved. In the context of a tighter monetary policy stance, the discount rate was raised by one percentage point in September 2013.

 

Treasury Bills Rate

In the second half of 2000, the government started issuing treasury bills to finance its deficits. This operation was intended to reduce the reliance of the government on Central Bank financing. The treasury bills are largely held by commercial banks. Institutional investors, including pension funds and insurance companies, hold on average 20 - 25% of the treasury bills. Treasury bills are currently issued with a maturity of 6 and 12 months. 

The treasury bills rate has been lowered gradually from a peak of 18% in 2000 to 8% in 2012 as inflation fell accordingly. The following table summarizes the prevailing rates from 2000. Up till now the rate has been maintained at 8%. 

Domestic Interest Rates

Commercial banks are free in setting their interest rates. The Central Bank of Suriname uses the commercial banks credit as an intermediate target of monetary policy, and has no direct interference with the commercial banks’ interest rate policy. Residents of Suriname are allowed to hold foreign currency deposits. Commercial banks also extend credit in foreign currency.

Exchange RatesMarch 09th and until further notice

Currency Buying Selling
USD 14,018 14,290
EUR 16,628 16,959
GBP 19,396 19,782
ANG 7,699 7,852
AWG 7,784 7,939
BRL 2,438 2,485
TTD 2,063 2,103
BBD 6,907 7,044
XCD 5,190 5,293
PER 100 GYD 6,657 6,790

Gold CertificatesMarch 09th and until further notice

Coupon SRD
5 gram 7.814,97
10 gram 15.629,94
50 gram 78.149,69
100 gram 156.299,39
500 gram 781.496,94
1000 gram 1562993,88
Gold LME: USD 1.701,00 /tr.oz.

Inflation

  Average End-of-period
2012 5.0 4.3
2013 1.9 0.6
2014 3.4 3.9
2015 6.9 25.1
2016 55.5 52.4
2017 22.0  9.2 
2018 6.8# 5.4 
2019 4.4#  4.2 
2020 34.9 60.8
     
2021 Month-to-month Year-to-year
Jan 2.6 63.8
Feb 1.3 61.9
Mar 2.1 50.4
Apr 3.5 44.4
May 4.2 43.6
Jun 10.8 54.0
Jul*) 5.7 58.9

*) Preliminary figures

# 10-months inflation (Computations without data for May and June)

 

Weighted Average RatesSeptember 17 - 15:00h (Banknotes)

Currency Buying Selling
USD 21.348 21.518
EUR 23.632 23,829
GBP 29.460 30.043
ANG 11.730 11.962
AWG 11.860 12.095
BRL 4.054 4.134
TTD 3.152 3.215
BBD 10.524 10.732
XCD 7.907 8.063
PER 100 GYD 10.144 10.345
CNY 3.307 3.373

Gold CertificatesSeptember 17

Coupon SRD
5 gram 12.196,37
10 gram 24.392,74
50 gram 121.963,72
100 gram 243.927,43
500 gram 1.219.637,17
1000 gram 2.439.274,35
Gold LME: USD 1.756,90 /tr.oz.

Weighted Average Accepted
OMO Rate

Auction ID Auction Date Rate (%)
CBTD210915-1W 2021-09-15 15,0
CBTD210908-1W 2021-09-08 14,9
CBTD210901-01 2021-09-01 14,8
Balance sheet

Inflation

  Average End-of-period
2012 5.0 4.3
2013 1.9 0.6
2014 3.4 3.9
2015 6.9 25.1
2016 55.5 52.4
2017 22.0  9.2 
2018 6.8# 5.4 
2019 4.4#  4.2 
2020 34.9 60.8
     
2021 Month-to-month Year-to-year
Jan 2.6 63.8
Feb 1.3 61.9
Mar 2.1 50.4
Apr 3.5 44.4
May 4.2 43.6
Jun 10.8 54.0
Jul*) 5.7 58.9

*) Preliminary figures

# 10-months inflation (Computations without data for May and June)