maandag 26 september 2022
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Exchange rate rises alarmingly; prices are skyrocketing

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Governor CBvS: Further slight drop in share price expected

The advance of the exchange rate has come to a halt since Tuesday, but there has been no significant decline. It is the desire of the acting President Ronnie Brunswijk that the exchange rate for US dr...

The Central Bank of Suriname (CBvS) has recorded the highest rate ever in Suriname with SRD 26.129 for the US dollar. The selling price for the euro is SRD 25,774. The demand for foreign currency is high. The monetary authorities are standing by and watching. In order to be able to import goods, SRD 28 is already charged for the US dollar. There is a scarcity of various goods.

The price hikes are driving people to despair. A pack of cement which cost SRD 190 recently is now for SRD 230. The prices in shops are adjusted daily. A cambio holder said to the media that meetings have been held several times with the government and other financial institutions, but to no avail. No solutions have been found, while demand continues to increase.

It has been made to understand that the government has spoken with the governor of the CBvS, Maurice Roemer, to take measures. Little has been done so far as the International Monetary Fund takes the position that supply and demand should determine the course. A month ago, when the price started to rise from SRD 21 to SRD 25 for the US dollar, Roemer claimed that the US dollar was overvalued and there was too much air in the price. Now the CBvS is trading above SRD 26.

Importers have also sounded the alarm that they cannot get hold of US dollars. Due to the scarcity and high dollar prices, they cannot avoid raising prices. Recently, the price of a point bread has gone from SRD 2.50 to SRD 3. Utilities have also increased their prices. September is an expensive month for many, with children at home and school supplies to be bought. Most people in the country cannot afford a vacation, not at home, much less abroad.





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