Suriname: Technical Assistance Report-Monetary and Financial Statistics Mission (May 8–19, 2023)

FOROFFICIALUSEONLY TECHNICALASSISTANCEREPORT SURINAME MonetaryandFinancialStatisticsMission (May8–19,2023) NOVEMBER2023 PreparedBy JosephD.CrowleyandRefikaFejzoAllkurti AuthoringDepartment: StatisticsDepartment DISCLAIMER “ThecontentsofthisdocumentconstitutetechnicaladviceprovidedbythestaffoftheInternationalMonetaryFundtotheauthoritiesofSuriname(the"CDrecipient")inresponsetotheirrequestfortechnicalassistance.Thisdocument(inwholeorinpart)orsummariesthereofmaybedisclosedbytheIMFtotheIMFExecutiveDirectorforSuriname,tootherIMFExecutiveDirectorsandmembersoftheirstaff,aswellastootheragenciesorinstrumentalitiesoftheCDrecipient,andupontheirrequest,toWorldBankstaff,andothertechnicalassistanceprovidersanddonorswithlegitimateinterest,unlesstheCDrecipientspecificallyobjectstosuchdisclosure(seeOperationalGuidancefortheDisseminationofCapacityDevelopmentInformation).PublicationorDisclosureofthisreport(inwholeorinpart)topartiesoutsidetheIMFotherthanagenciesorinstrumentalitiesoftheCDrecipient,WorldBankstaff,othertechnicalassistanceprovidersanddonorswithlegitimateinterestshallrequiretheexplicitconsentoftheCDrecipientandtheIMF’sStatisticsdepartment.” CDRECIPIENTS Suriname TableofContents AcronymsandAbbreviations2 SummaryofMissionOutcomesandPriorityRecommendations3 SectionI.FinancialSystemofSuriname5 SectionII.DetailedTechnicalAssessmentandRecommendations7 A.ActionPlan7 B.SourceData8 C.CentralBankandOtherDepositoryCorporations8 D.OtherFinancialCorporations9 E.DataReportingtotheIMF.10 F.BalanceSheetApproach11 G.Resources,Training,andTechnicalCooperation11 Tables4 1.SurinamePriorityRecommendations4 2.TheFinancialSector(December2022)6 Appendices12 I.OfficialsmetDuringtheMission12 II.ChangesintheAnalyticalPresentationofODCsasaResultoftheReclassificationsmade duringtheMission13 III.GuidelinesforCompletingtheReportingFormforInsuranceCorporations14 AcronymsandAbbreviations BSA BalanceSheetApproach CB CentralBank CBS CentralBankofSuriname CU CreditUnion DC DepositoryCorporation DTMFI Deposit-takingMicrofinanceInstitutions FAS FinancialAccessSurvey FSD FinancialSupervisionDepartment(oftheCBS) FXBs ForeignExchangeBureaus IC InsuranceCorporations ICS IntegratedCollectionSystem IFS InternationalFinancialStatistics IMF InternationalMonetaryFund MDSD MonetaryDivisionofStatisticsDepartment(oftheCBS) MFI MicrofinanceInstitution MFS MonetaryandFinancialStatistics ODC OtherDepositoryCorporations OFC OtherFinancialCorporations SRF StandardizedReportForms STA StatisticsDepartment TA TechnicalAssistance SummaryofMissionOutcomesandPriorityRecommendations 1.InresponsetoarequestfromtheCentralBankofSuriname(CBS)andwiththesupportoftheInternationalMonetaryFund’s(IMF’s)WesternHemisphereDepartment(WHD),amonetaryandfinancialstatistics(MFS)technicalassistance(TA)missionvisitedParamaribo,SurinameduringMay8–19,2023.ThemissioncollaboratedwithofficialsoftheMonetaryDivisionoftheStatisticsDepartment(MDSD)oftheCBStoreviewthecompilationframeworkofmonetarystatisticsforthecentralbank(CB)andotherdepositorycorporations(ODCs)inaccordancewiththemethodologysetoutinthe2016MonetaryandFinancialStatisticsManualandCompilationGuide(MFSMCG2016)andestablisharoadmaptoincorporateinsurancecorporationsandpensionsfundsintheMFScompilation.Alongsidetheseimprovements,theCBSwillbeabletoproduceanupdatedandimprovedMFSforfinancialsectorsurveillance.1 2.ThemissionreviewedthemappingcurrentlyusedbytheCBStocompilethecentralbankandotherdepositorycorporations(1SRand2SR,respectively)accountsandfoundthemtobebroadlyinlinewiththeMFSMCG2016.ThereviewwasconductedattherequestofstaffofMDSD,toconfirmtheaccuracyofthemonetarydatapublishedbytheCBSandreportedtotheIMF.Someadjustmentsweremadeto2SRthatdidnothavemajorimpactsonthemainaggregates,andnoadjustmentsweremadeto1SR. 3.ThemissionassistedtheMDSDindevelopingaplantocompilethestandardizedreportform(SRF)4SRfortheinsurancecorporationsandpensionfunds.TheFinancialSupervisionDepartment(FSD)oftheCBScollectsquarterlydataforsupervisionpurposesfrominsurancecorporationsandpensionfunds.Bothsetsofformsincludeasummarybalancesheetwithminimaldetail,whilenumerousannexescontaintheadditionaldetailneededtomaptothe4SR.Asagreedwiththeauthorities,thesedatawillbeintroducedintoadatabaseprogramtogenerateoutputsinauniformformatandwouldbemappedtotheSRF4SRusingthetemporarymappingprovidedbythemissionasaguide.TheMDSDwillneedtocloselycollaboratewiththeFSDtoensurethatthedatareportedfrominsurancecorporationsandpensionfundswillbetimelyandaccuratelymappedtotheSRF4SR. 4.ThelastMFSmission,whichtookplacein2005,assistedtheauthoritiesineliminatingshortcomingsinthepresentationofthecentralbankaccountsandassessingthequalityofthedatareportedbycommercialbanksandsolvingmethodologicalproblemsrelatedtothesedata.Themissionintroducedthenewstandardizedreportform1SRand2SRandthemappingprovidedhasbeenusedbytheauthoritiestocompiletheMFSformonthlyreportingtotheIMFdatabasethroughtheIMF’sIntegratedCollectionSystem(ICS)andstartingfrom2010forpublicationontheirwebsite.Sincethattime,theCBShasregularlyupdatedthema