Bank Profile
<p style="text-align: justify;">The Central Bank of Suriname (CBvS) opened its doors on April 1, 1957 and as a monetary authority has an important role to play in the economy because of its control of the money supply available for economic transactions.</p>
<p>The Central Bank of Suriname has the following statutory main tasks:</p>
<ul>
<li>the introduction of the national currency;</li>
<li>stabilizing the value of the Surinamese dollar;</li>
<li>acting as cashier and banker of the State;</li>
<li>acting as banker of the commercial banks;</li>
<li>supervising the financial sector.</li>
</ul>
<p style="text-align: justify;">The CBvS also manages the country's international reserves and ensures that there are sufficient gold and foreign currency reserves to be able to meet necessary external payment obligations of Suriname at all times.</p>
<p style="text-align: justify;">Of course, there was also money in circulation in Suriname before the CBvS was founded in 1957. The first Surinamese coin was minted in 1679, and was called the Parrot Coin. The coin depicted a parrot sitting on a branch with one, two or four leaves. One leaf stood for one pound of sugar, which cost ten cents at the time. Sugar was legal tender in that period (1667-1761). When sugar lost its role as a means of payment, the period of card money began (1761-1827). The playing cards were given a face value, a stamp and the signature of one or two authorized officials, and were then issued as legal tender.</p>
<p style="text-align: justify;">After the period of card money, came the period of affiliation with the Dutch financial system (1827-1940). At first, Dutch coins and banknotes were used as legal tender, but due to money shortages, the West India Bank was established in Paramaribo in 1829, which was authorized to put banknotes into circulation. Due to a lack of coins, this bank also issued notes of 10, 15, 25 and 50 cents. However, due to careless lending, the bank soon ran into solvency problems. Its banknotes were withdrawn and exchanged for Dutch coins, after which the bank was liquidated in 1948.</p>
<p style="text-align: justify;">When the economy, after the abolition of slavery in 1863, grew and more was traded, borrowed and saved, it became clear that more money had to be put into circulation. To this end, the Surinamese Bank (DSB) was established in 1865 as a circulation bank and commercial bank. Despite the name, the capital of this bank was largely in the hands of Dutch individuals and companies. But DSB's banknotes did depict Surinamese symbols and landscapes. In order to protect the new circulation bank from financial problems, its short-term liabilities had to be covered for 331/3 percent by common currency specy.</p>
<p style="text-align: justify;">During the Second World War, the export of Surinamese bauxite to the United States increased and this country became our largest trading partner. For this reason, the Surinamese guilder was decoupled from the Dutch guilder in 1940 and linked to the US dollar. This ushered in the period of monetary autonomy (1940-present). In 1954, Suriname gained domestic self-government and a number of functions of the local government in Suriname changed, including with regard to the monetary system. Against this background, the Central Bank of Suriname was established as the third, also last, circulation bank of our country.</p>
<p>The Central Bank of Suriname has the following statutory main tasks:</p>
<ul>
<li>the introduction of the national currency;</li>
<li>stabilizing the value of the Surinamese dollar;</li>
<li>acting as cashier and banker of the State;</li>
<li>acting as banker of the commercial banks;</li>
<li>supervising the financial sector.</li>
</ul>
<p style="text-align: justify;">The CBvS also manages the country's international reserves and ensures that there are sufficient gold and foreign currency reserves to be able to meet necessary external payment obligations of Suriname at all times.</p>
<p style="text-align: justify;">Of course, there was also money in circulation in Suriname before the CBvS was founded in 1957. The first Surinamese coin was minted in 1679, and was called the Parrot Coin. The coin depicted a parrot sitting on a branch with one, two or four leaves. One leaf stood for one pound of sugar, which cost ten cents at the time. Sugar was legal tender in that period (1667-1761). When sugar lost its role as a means of payment, the period of card money began (1761-1827). The playing cards were given a face value, a stamp and the signature of one or two authorized officials, and were then issued as legal tender.</p>
<p style="text-align: justify;">After the period of card money, came the period of affiliation with the Dutch financial system (1827-1940). At first, Dutch coins and banknotes were used as legal tender, but due to money shortages, the West India Bank was established in Paramaribo in 1829, which was authorized to put banknotes into circulation. Due to a lack of coins, this bank also issued notes of 10, 15, 25 and 50 cents. However, due to careless lending, the bank soon ran into solvency problems. Its banknotes were withdrawn and exchanged for Dutch coins, after which the bank was liquidated in 1948.</p>
<p style="text-align: justify;">When the economy, after the abolition of slavery in 1863, grew and more was traded, borrowed and saved, it became clear that more money had to be put into circulation. To this end, the Surinamese Bank (DSB) was established in 1865 as a circulation bank and commercial bank. Despite the name, the capital of this bank was largely in the hands of Dutch individuals and companies. But DSB's banknotes did depict Surinamese symbols and landscapes. In order to protect the new circulation bank from financial problems, its short-term liabilities had to be covered for 331/3 percent by common currency specy.</p>
<p style="text-align: justify;">During the Second World War, the export of Surinamese bauxite to the United States increased and this country became our largest trading partner. For this reason, the Surinamese guilder was decoupled from the Dutch guilder in 1940 and linked to the US dollar. This ushered in the period of monetary autonomy (1940-present). In 1954, Suriname gained domestic self-government and a number of functions of the local government in Suriname changed, including with regard to the monetary system. Against this background, the Central Bank of Suriname was established as the third, also last, circulation bank of our country.</p>
No Sports Registered
This bank has not yet been associated with any sport disciplines.