Centrale Bank Van Suriname

It functions as the monetary institution entrusted with the issuance into circulation of the Surinamese currency. The CBvS is also the custodian of the international reserves of the country and safeguards that sufficient gold and foreign currency reserves are available to meet Suriname's external payment obligations. The CBvS sees to it that the stability of the domestic and external value of the Surinamese currency is safeguarded. Obviously, there was money in circulation in the Surinamese economy even before the CBvS was established in 1957. The first coin was used in 1679 and was called the Papegaaienmunt (the parrot coin). On the coin a parrot is portrayed sitting on a branch with either one, two or four leaves. One leave equalled one pound of sugar, which then cost five cents. Due to the high cost to produce the coins, the colonial representative decided in 1757 to use playing cards as money. The cards got a face value, a stamp and an official's signature and were then issued as official money in Suriname. For a while Dutch money shipped from overseas was also being used as currency. This also proved cumbersome; therefore, in 1829 the West-Indische Bank was established in Paramaribo, with a mandate to issue a limited number (and value) of banknotes. Due to some problems this bank ceased to exist in 1848. There were banknotes in circulation but nowhere to centrally store, check, and re-issue them. As the economy grew, that is, trade and commerce and lending and savings were expanding, the need for a larger stock of money and its circulation became evident. De Surinaamsche Bank (DSB) was established in 1865. Despite the name, the investment capital of this bank was largely in hands of private persons and entities in the Netherlands. The prints on the banknotes issued by DSB did carry Surinamese scenery and symbols. This bank performed the role of circulation bank but the colony Suriname was now in need of a 'central' bank, which was established in 1957. In 1954 the Statute came into operation, defining status and roles for the Kingdom of the Netherlands and its Overseas Constituencies. As a result, some functions of local government in Suriname changed, amongst others, the organization of money. Suriname needed more functionality, more 'authority' around the issuance, control and safeguarding of its money in circulation. It is for these reasons that eventually the Central Bank of Suriname was established as the independent institution with expertise on keeping the value of the currency safe and stable. Exchange Rates March 09th and until further notice