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The exchange rate approaches the mythical SRD 35 to US$ level

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On Friday, the exchange rate for the US dollar, as reported by the Central Bank of Suriname (CBvS), surpassed the enchanted threshold of SRD 35. A rate of SRD 37 for the US dollar is already used by a number of cambios and businesses. For one euro, more than SRD 37 must be paid. This unsettling development portends an increase in retail and service costs as well as further depreciation of the SRD.

Prices will increase as long as the exchange rate does not stabilize. Every time they go shopping, people hold their breath as they enter the store. The US dollar’s exchange rate increased from SRD 20 to SRD 35 starting in March of last year, with everything it entails.

Many people today, including educators and students, cannot afford internet access. Every month, the cost of ADSL rises as a result of the price increase. Without using the landline, internet usage costs between SRD 700 and SRD 900 per month, including VAT. Fixed internet costs increased from SRD 512 to SRD 783 since October of last year.

A platform consisting of banks, cambios, importers, and other business stakeholders has been established by President Chan Santokhi. The goal was to stabilize the exchange rate through coordinated actions. This objective has not yet been accomplished. On the contrary, the national currency continues to devalue.





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