The continued rise in the exchange rate means that price adjustments are taking place everywhere. As of today, the US embassy has adjusted the exchange rate for visa applications to SRD 27 for the US dollar. Due to the high demand for foreign currency, the depreciation of the SRD is enormous. Inflation that was supposed to go down this year is still very high and is now around 50%. With the price increases, the SRD will be worth even less. No budget drawn up in SRD can be achieved.
President Chan Santokhi has held talks that should lead to curbing the course. In the Governing Council it has been decided that price intervention will be initiated. Consultations are underway with the International Monetary Fund (IMF) about the exchange rate intervention. However the decision has already been made in the government for the intervention. It is not yet clear how the conversation with the IMF went about this issue. It was made to understand that information will be provided later today about the intervention.
The government wants to bring relief with the exchange rate intervention. The scarcity of cashless dollars in particular makes it difficult for importers to bring in goods. Raw materials for various essential products, such as bread, have also been stagnated. Products manufactured locally also go up through the foreign exchange component.
In a press release, the government has indicated that the governor of the Central Bank of Suriname (CBvS) must work on price development together with representatives of the Foreign Exchange Commission, cambios and the cluster team of ministers. A package of measures must be put in place to curb the prices. The president said various actors headed by the CBvS must each take their responsibility to arrive at a matrix of measures.These will be implemented integrally.
