Government to tackle crooked cambios and retailers

The government recently announced that it is putting together a series of measures aimed at tackling crooked exchange offices or cambios that are raising the exchange rates in response to the scandals at the Central Bank of Suriname (CBvS). President Desi Bouterse made it clear on Friday that the government would not hesitate to revoke the licenses of cambio proprietors who keep raising the exchange rates. Illegal money traders will also face firm action from the authorities. It is not the first time that the head of state has promised to keep the price of foreign currencies under control. The exchange rates have in fact been rising systematically for the past 5 years. The president did not deny this. “I talk to banks. I talk to cambios. I talk to government officials. I talk to individuals. Believe me when I say that I am not sleeping even though you do not see me. I know my job,” said President Bouterse. “The time for talking is over. Next week there will be action,” said the head of state at Friday’s press conference. He also announced that a new governor would be appointed to the Central Bank of Suriname next week and that the new governor would immediately be instructed to go to Phase 2. The president did not divulge what would happen during Phase 2. Sources, however, told Times of Suriname that cambio proprietors will face the music. “We will tackle the root cause in consultation with the Central Bank of Suriname and the Ministry of Finance,” said Trade, Industry and Tourism Minister Stephen Tsang. The Trade, Industry and Tourism Ministry which will also take measures against the illegal price hike of foreign currencies will collaborate with the divisions from other ministries. The Trade, Industry and Tourism Ministry’s Economic Control Division (ECD) will collaborate with the National Security Directorate and the Police Force Suriname (KPS). “We have been preparing this operation for quite some time now. Investigations were carried out and several locations have been identified. We will take firm action against the illegal cambios.”