Measures to control foreign currency market
The governor of the Central Bank of Suriname (CBvS) and the ministry of Finance had a meeting with the management of several local banks in wich they agreed to take measures aimed at countering attempts to stock up on foreign currency. They also agreed to take measures aimed at stabilizing fluctuations of the exchange rates. From now on state companies are required to sell their foreign currency via designated banks. The flow of foreign currency must only run through the bank system. Exporters are also required to sell their foreign currency to the banks. Payments for goods that must be imports must only go through the banks. The ministry of Finance announced that only the banks are allowed to buy and sell euros. The exchange offices which are considered business partners at the foreign currency market are allowed to buy euros but may only sell them to the banks. The banks will make good and feasible arrangements with the exchange offices or cambios to control the flow of American dollars. Firm action will be taken to tackle the illegal trade of foreign currency. Institutes including cambios risk sanctions and even closure if they do not comply. The Central Bank announced that the de-dollarization of the economy has already started. The nation will respect and enforce the Currency Act which means that only payments in local currency or Surinamese dollars (SRDs) is allowed. The government will put the rent policy under the magnifying glass because many landlords demand payments in US dollars and euros. The Central Bank made it clear that the strict monetary policy is aimed at stabilizing the economy and the exchange rates.