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 Roemer: CBvS has limited intervention under circumstances

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  • Based on the agreement with the International Monetary Fund (IMF), the Central Bank of Suriname (CBvS) can only intervene to a limited extent from international reserves.  This is only possible under strict conditions that do not currently exist, says governor Maurice Roemer of the CBvS to a question from news press. “Obviously, the Bank is in talks with the IMF to bring about changes, although the position is in principle in the coming negotiations,” said the governor.

Roemer believes that the solution model for intervening via the Ministry of Finance & Planning is very effective.  According to him, this prevents foreign currency from reaching all supervised institutions of the CBvS for free sale to all buyers, including speculative demand.  The ministry makes foreign currency, which Staatsolie pays monthly as a dividend, available for necessary imports such as fuel and basic goods.  This approach has been agreed between the Ministry and the CBvS.

As for the 35% retention scheme that the export companies must exchange at the official rate set at that time, the governor said that he received the general decision of the Foreign Exchange Commission on September 16.  This happened after the governor requested it. Roemer said that it is misguided to say that he was responsible for the late announcement of the retention scheme.

Based on the final provision in this general decision of the Foreign Exchange Commission, the CBvS has issued further instructions to exclude price speculation with the retention scheme.  The governor said that the bank has been super fast because it has already known that exporters and some buyers of foreign currency agree their own exchange rate outside all rules.

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