Country Information

 

The Suriname dollar, denoted by SRD (no longer SRG), is the official currency of Suriname. Introduced on January 1, 2004, the currency is comprised of 1000 Suriname guilders. Initially, only coins were available; banknotes were delayed until mid-February due to a problem at the printer, the Bank of Canada. The old coins denominated in cents (i.e., 1/100 guilder) were declared to be worth their face value in the new cents, negating the necessity of producing new coins. Thus, for example, an old 50 cent coin, nominally worth half a guilder was now worth half a dollar.

Moody's Rating

B1, 03 Feb 2004

S&P Rating

BB-

Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

The Republic of Suriname is a constitutional democracy based on the nation's constitution of 1987. The legislative branch of government consists of a unicameral National Assembly, comprised of 51 members who are elected by popular vote to serve a five year term. The government is made up of three branches: executive, legislative and judicial. The executive branch of Suriname's government is led by the president who is elected by the National Assembly if he receives a two-thirds majority of the votes. If the National Assembly cannot agree on one presidential candidate, a People's Assembly is formed from National Assembly delegates, and regional and municipal representatives who were elected by popular vote in the most recent national election. A vice president is usually elected at the same time as the president and needs a simple majority in the National Assembly or People's Assembly; the vice president also serves a five year term. The president is in charge of appointing a cabinet of ministers. The president cannot be removed or replaced unless he resigns. As for legislation, the president is advised on the conduct of policy by a 15-member State Advisory Council. All but four of the council seats are allotted by proportional representation of all political parties represented in the National Assembly. The president serves as chair of the council, and the remaining seats are allotted two-and-two to representatives of labor and employers' organizations. Suriname's judiciary is headed by its Supreme Court, also known as the Court of Justice. The Court of Justice supervises the magistrate courts. Members are appointed for life by the president, who also receives feedback from the National Assembly, the State Advisory Council, and the National Order of Private Attorneys.

Prominent Figures

Chief of State President Runaldo Ronald VENETIAAN (since 12 August 2000); Vice President Ramdien SARDJOE (since 3 August 2005); note - the president is both the chief of state and head of government Head of Government President Runaldo Ronald VENETIAAN (since 12 August 2000); Vice President Ram SARDJOE (since 3 August 2005) Cabinet Cabinet of Ministers appointed by the president Elections president and vice president elected by the National Assembly or, if no presidential or vice presidential candidate receives a two-thirds constitutional majority in the National Assembly after two votes, by a simple majority in the larger United People's Assembly (893 representatives from the national, local, and regional councils), for five-year terms (no term limits); election last held on 25 May 2005 (next to be held in 2010) Election Results Runaldo Ronald VENETIAAN reelected president; percent of vote - Runaldo Ronald VENETIAAN 62.9%, Rabin PARMESSAR 35.4%, other 1.7%; note - after two votes in the parliament failed to secure a two-thirds majority for a candidate, the vote then went to a special session of the United People's Assembly on 3 August 2005

Key Economic Factors

Economic Overview:

The economy of Suriname is dominated by its alumina industry, which accounts for nearly one-fifth of GDP and three-quarters of export earnings. Suriname's economic prospects for the medium term depend on its commitment to responsible monetary and fiscal policies, as well as the introduction of structural reforms to liberalize markets and promote competition. In recent years, the government has begun an austerity program, raised taxes, and attempted to control its spending. In 2002 President Venetiaan agreed to a large pay raise for civil servants, threatening his earlier gains in stabilizing the economy - however, he has not repeated this promise in running for further elections. The Dutch Government agreed to reinstate aid flow, which will permit the nation to access international development financing; however, funds will most probably be phased out over the next five years. Suriname's short-term outlook depends on its ability to keep inflation in check and develop projects in the bauxite and gold mining sectors. Prospects for local onshore oil production are good, as a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with Repsol and Mearsk.

Overview:

Bauxite and gold mining, alumina production, oil, lumbering, food processing and fishing.

Agricultural Products:

Paddy rice, bananas, palm kernels, coconuts, plantains, peanuts, beef, chickens, forest products and shrimp.

Export Commodities:

A lumina, crude oil, lumber, shrimp and fish, rice and bananas.

Import Commodities:

Capital equipment, petroleum, foodstuffs, cotton and consumer goods.

Exchange Rates

SRD
AUD
CAD
EUR
JPY
GBP
USD
1 SRD
=
10.190.1840.12814.6460.1040.142
1 AUD
=
5.25810.9680.67177.0110.5450.749
1 CAD
=
5.4341.03310.69379.5850.5630.774
1 EUR
=
7.8371.491.4421114.7780.8121.117
1 JPY
=
0.0680.0130.0130.00910.0070.01
1 GBP
=
9.6561.8361.7771.232141.41411.376
1 USD
=
7.0191.3351.2920.896102.7980.7271

Travel

FLIGHTS from WASHINGTON to SURINAME Price
Paramaribo Zanderij Starting from
$1,150

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