The price for the US dollar appears to be going to stabilize around SRD 30. In recent times, the Central Bank of Suriname’s (CBvS) official exchange rate has been equated with the prices paid outside of the banking industry for US dollars. On Saturday, the Price Stabilization Platform convened a Zoom meeting while Albert Ramdin, the acting minister of finance and planning, was traveling to Egypt. He is a member of the president’s COP27 climate summit delegation.
In answer to a question, Arun Hindori, spokeswoman for the Platform of Food Importers in Suriname (PLIS), informed the media that the SRD/USD 30 exchange rate is favorable for exporters. 35% of the revenues must be exchanged at the banks, per their obligation. The exporters received a larger sum thanks to the cambios, so they preferred not to exchange their remaining funds at banks. This circumstance must alter as the route is equalized.
According to Hindori, this year’s imports were down 30 to 40% from those of 2019. The value of money has decreased. But the currency remains under more and more pressure. He hopes that people won’t buy foreign money in large quantities because it would just increase demand over supply. One of the concerns that the government needs to solve is the fuel subsidies. 350 million SRD in fuel subsidies are provided each month. Hindori points out that the mining and logging industries also consume a lot of diesel, and that some of the money will go to those smuggling fuel into French Guiana. To provide the subsidies to people who require it, the government must come up with a plan. Public transportation subsidies are a possibility.
The PLIS representative claims that the government is actually in control of the situation. According to Hindori, the increased exchange rate does not need pricing increases in the stores. He contends that importers have been bringing in items at a rate exceeding SRD 30 for the US dollar for some time. Since importers need cashless money to be able to pay suppliers, the cashless exchange rate is higher. In order to better predict the economy, Hindori highlights the value of a stable exchange rate.