Suriname unifies exchange rate: CARICOM BUSINESS
The Surinamese economy is officially running at a rate of SRD 14,018 for the purchase of the US dollar from September 22, while it is being sold for SRD 14,290 by the official exchange offices and foreign exchange banks.
Maurice Roemer, Governor of the Central Bank of Suriname (CBvS), in making the announcement indicated that the official declaration (unification with the black market rate) was previously delayed pending the development of a suite of attendant measures also announced.
Despite the devaluation there is no relief when it comes to the accessibility of foreign exchange. Banks still maintain a withdrawal of only US$250 per week per person. Suriname is currently unable to meet the internationally established three-month import coverage threshold for reserves. “If we do not add to the currency reserves of the banks, we will now only arrive at an import coverage of one and a half months,” said Roemer. He sees the “future earnings from the oil discoveries as the only prospect for….sufficient US dollars in Suriname. And that will be in 2025 at the earliest.” 12 CARICOM countries have fixed exchange rates which are pegged to the US dollar. (DWT)
Extract from the CARICOM BUSINESS Newsletter Vol 3 No 39
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