The Central Bank of Suriname (CBvS) has documented a sustained economic recovery and significantly reinforced financial standing in its recently published 2023 annual report. Under Governor Maurice Roemer’s leadership, the institution highlighted that strict monetary policy, fiscal consolidation, and successful completion of the IMF program served as foundational pillars for this progress.
The implementation of the International Monetary Fund’s Extended Fund Facility (EFF) program returned to full compliance in 2023 after Suriname missed several reviews in 2022. The nation successfully completed four IMF reviews last year, substantially boosting confidence among both domestic and international partners.
Economic activity demonstrated positive momentum with real GDP growth reaching 2.5% in 2023, slightly above the previous year’s 2.4% expansion. This growth was primarily driven by wholesale and retail trade sectors, markets, and manufacturing industries. Additional contributions came from mining sector recovery, modest service industry improvements, and normalized trade activities.
Inflation showed significant improvement throughout the year, declining approximately 22 percentage points to reach 32.6% by December 2023. This reduction resulted from tight fiscal policies, the Central Bank’s constrained monetary approach, and stabilization of the foreign exchange market. However, the Bank emphasized that inflation remained elevated compared to regional benchmarks, continuing pressure on purchasing power.
The Central Bank concluded 2023 with a positive financial outcome, reporting an operational result of SRD 6.15 billion. After accounting for unrealized portions of monetary asset and foreign currency liability revaluations, the institution recorded an allocable positive result of SRD 4.49 billion, which has been transferred to the Bank’s reserve fund.
The financial statements, prepared according to International Financial Reporting Standards (IFRS) and audited by BDO Assurance NV with an unqualified opinion, revealed substantially strengthened capital position. This improvement was facilitated by provisions in the 2022 Banking Act that enable self-adjusting capital and reserve fund mechanisms.
Looking beyond 2023, Governor Roemer emphasized the critical importance of further consolidating macroeconomic stability and deepening structural reforms. Economic diversification, improved business climate, and targeted investments in productive sectors remain essential for achieving sustainable and inclusive growth while developing a more resilient economic model.