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Suriname: Banks offer term deposits at 20 percent interest

The Central Bank of Suriname offers the public, through the general banks, the opportunity to invest in a three-month SRD term deposit at an attractive interest rate of twenty percent on an annual basis. The purpose of the term deposit is to skim off both cash and book-entry liquidities from the public and in this way to further stabilize the exchange rate. Furthermore, the investor public is offered a favorable return on an investment in an SRD instrument, which should stimulate investing in SRD.

This term deposit is part of a package of exchange rate stabilizing measures that the CBvS is implementing in close cooperation with the Ministry of Finance and Planning. The other measures include: retention scheme linked to the provision of foreign currency, currency interventions, creaming off extra liquidity at the banks, and the continuation of the importation of US dollar cash.

The general banks have pledged their cooperation to ensure the success of this measure by the CBvS. The parent bank guarantees that it will honor the total size of the investment attracted.

Until 30 June, investors have the option of investing in this term deposit exclusively through the general banks. Investments can be made using giro and savings at the general banks and through cash deposits from SRDs.

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