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Not CBvS but Finance intervenes in the foreign exchange market

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Minister Armand Achaibersing said to the news press that to curb the runaway exchange rate, interventions are being made by the Ministry of Finance & Planning and not by the Central Bank of Suriname (CBvS).

The US dollars used for the intervention are the monthly amount that Staatsolie pays the State in dividend. According to Achaibersing it is not about additional resources that are being used from the state-owned company for the intervention.

Importers of fuel and basic goods are allocated US dollars for which they must deposit the equivalent in SRD into the account of Finance & Planning.

The 35% retention scheme for the entire export sector to exchange currencies with foreign exchange banks is effective from today. Governor Maurice Roemer of the CBvS communicated this in a circular to the banks and the Foreign Exchange Commission. Exporters of gold and goods must offer at least 35% of all their proceeds for sale to a foreign exchange bank in Suriname within five days of importing those proceeds.

The foreign exchange banks are obliged to use the exchange rate quoted by the CBvS on the day of the repatriation as the transaction rate to settle the payment of the export proceeds. No transactions may take place at a price that is higher than the price quoted by the CBvS at that time. It is expected that these measures will stabilize the exchange rate.






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