Hoefdraad: “There is no pressure on foreign currency market”

“€19.5 million was confiscated in the Netherlands in April 2018. Since then Suriname has not bene able to send money shipments. The €19.5 million did not put much pressure on the foreign currency market so 1.6 million also will not be able to do that. I am convinced of that,” said Finance Minister Gillmore Hoefdraad on Friday when reporters asked him if the €1.6 million that was seized in the United States of America would increase pressure on the foreign currency market. The minister explained that Suriname has had a problem with cash transactions since the money shipments to the Netherlands stopped. Surinamese lawyers have filed a complaint against the Dutch Public Prosecutor’s Office in the Netherlands. “We are convinced that we will get a positive result,” said Minister Hoefdraad who added that Suriname has a heavy cash economy and that a huge portion of our gold exports comes from small exporters. He referred to neighboring French Guiana as Europe and a big neighbor who spends a lot of money here.” The minister explained that on one hand many Euros come here but that on the other hand many US dollars go out. “It’s a difficult situation that upsets the balance. The Foreign Currency Commission is currently busy beefing up the guidelines. The current guidelines are blurry when it comes to money exports. There are no limits when it comes to the amount of money that is taken out of the country. Customs has received special instructions,” said the minister who added that statistics indicate that there have been fewer money exports in the past couple of weeks. Each country has its own set of rules when it comes to money shipments.