René van Rooij, the chairman of the Surinamese Bankers Association (SBV), calls for the introduction of SRD 500 and SRD 1000 modified banknotes. He thinks there are advantages to changing the SRD 100 banknote. Van Rooij draws attention to the fact that under the current circumstances, 200 notes can be withdrawn from the ATM, indicating that 200 transactions are required to obtain the necessary amount.
He contends that the availability of SRD 500 or SRD 1000 notes would be advantageous to banks and customers alike. “We have to accurately count and check every SRD 100 note, and also constantly refill the ATMs because of the reduced value,” the chairman notes during a conversation with the media. “If we can work together to change the banknotes, that would help,” says the SBV chairman.
Following the SBV’s proposal, the Central Bank of Suriname (CBvS) is currently investigating the possibility of switching to the proposed denominations, says Van Rooij. “The bank is investigating whether it is feasible to introduce the new banknotes this year. This will make customers’ lives easier. Due to the devaluation of money, people are forced to withdraw money more often and more. Moreover, people now carry large amounts of money with them, which would not really be necessary if the banknotes were changed,” explains Van Rooij.
He emphasizes that a note of SRD 100 currently only has a value of SRD 5. According to the chairman of the banking association, the devaluation has made purchases much more expensive. This price increase has led to people having to withdraw money more and more often.
“We need to make sure people have easy access to their money. For example, SRD 2000 is currently included in two hundred transactions, but if we had banknotes of SRD 500 and SRD 1000, this would occur less often, explains Van Rooij.
He believes that with the production of new banknotes, the community’s concerns can be reduced or allayed. The highest legal tender in Suriname is currently the SRD 100 banknote.
