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Financial Regulatory Bodies in Suriname: A Key Player in Economic Stability
Suriname’s financial sector, comprising nine commercial banks, investment and finance companies, savings and credit unions, among others, is regulated by the Central Bank of Suriname. As the country’s monetary authority, the Central Bank plays a crucial role in promoting the value and stability of the Surinamese currency.
Regulatory Duties
In addition to its regulatory duties, the Central Bank also supervises anti-money laundering and combating terrorist finance laws and regulations, which were first introduced in 2002 and revised in 2016. Compliance with these laws is closely monitored by the Central Bank and the Financial Investigation Unit.
FATCA Agreement
Notably, Suriname has yet to enter into an Intergovernmental Agreement with the United States regarding the Foreign Account Tax Compliance Act (FATCA).
Beyond Financial Regulation
Beyond financial regulation, Suriname’s education system is comprehensive, with free schooling mandatory until age 12. The country’s main university, Anton de Kom University of Suriname, offers a range of programs in fields such as medicine, law, and natural resources.
Energy Sector
The energy sector is also a key area of focus for the government, with efforts underway to develop renewable energy sources. Hydroelectric power plants, including the Afobaka plant, are a major source of electricity for the country.
Healthcare System
Suriname’s healthcare system is centered around four main hospitals, with mental health services provided by the Psychiatric Center Suriname. The Ministry of Public Health oversees the national healthcare system, prioritizing accessibility and acceptability to all citizens.
Infrastructure Development
Infrastructure development is also crucial to the country’s growth, with a focus on transportation and telecommunications. The Johan Adolf Pengel International Airport serves as the main entry point for international travelers, while regular bus services connect major cities and towns. Telecommunications company Telesur provides fixed-line and broadband services, while mobile operators Digicel and Uniqa offer a range of mobile phone plans.
Telecommunications Market
In 2004, the Parliament enacted the Telecommunications Act, establishing the Telecommunications Authority Suriname (TAS) to oversee the sector. The country’s telecommunications market has grown significantly in recent years, with Suriname ranked 7th globally for its mobile telephone services.
Conclusion
Overall, financial regulatory bodies play a vital role in ensuring economic stability and growth in Suriname. From banking to education, energy, healthcare, infrastructure, and telecommunications, the government is working to develop and improve these key sectors to benefit citizens and businesses alike.
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