Me­a­su­res to con­trol fo­reign cur­r­en­cy mar­ket

Times of Suriname - - ENGELS -

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.

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