Governance Reforms - 3rd Evaluation: 1 January 2022 – 31 March 2022

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Trust remains central, and therefore the execution of the Governance Reform Action Plan in 2022 continues tirelessly. The Action Plan was initially approved on May 31, 2021, by the Board of Commissioners (BoC) of the Central Bank of Suriname (the Bank) and adjusted on September 13, 2021.

Through this update, the Bank informs all stakeholders about the key developments regarding the implementation of the Action Plan.

How is the execution proceeding?

The relevant actors within the Bank continue to keep a finger on the pulse so that the trajectory outlined is realized. Recently, the third evaluation of the Action Plan by the BoC has taken place. A crucial factor in strengthening the governance of the Bank remains the adoption of the new Banking Law, the draft of which is currently pending approval in the National Assembly (NA).

In the context of transparency and the restoration of timely accountability to relevant stakeholders, publishing the overdue financial reporting enjoys enormous priority.

What have been the key developments in the period January 1, 2022 – March 31, 2022?

1. Publication of the annual reports for the fiscal years 2016 through 2018.

The annual reports for the fiscal years 2016, 2017, and 2018 have been published. This steadily fulfills the goal of being able to return to timely financial reporting in accordance with legal requirements in 2023.

2. Capacity building of the Internal Audit department and the execution of internal audits in critical areas.

The co-sourcer assisting the department has provided several trainings, including Audit Report Writing and the basic course in Internal Auditing. The report from the corporate governance audit was submitted in draft form for comment to various internal stakeholders. The report from the audit of “Currency Operations” has been released internally.

3. Implementing “International Financial Reporting Standards” (IFRS) as of the fiscal year 2020 in accordance with the Annual Accounts Act.

Assistance is obtained from the International Monetary Fund (IMF). The sessions with IMF consultants, during which information was exchanged, have been completed. The findings and recommendations from the sessions are contained in a report.

4. Completion of operational risk assessments on various departments.

The most significant risks from the Financial Markets, Procurement, and Open Market Operations departments have been added to the Bank’s risk register and reported to the relevant actors after the completion of the assessments.

What are the main expectations for the next 3 months?

It is expected that the new Banking Law, to strengthen the overall governance of the Bank, will be adopted by the NA.

The 2019 annual report will be published.

After thorough preparation, work will begin on documenting the Bank’s processes in a value chain and describing the sub-processes.

Similarly, after good preparation, work will begin on the business continuity trajectory.