💲 SRD reaches historic high exchange rate

Happy Monday!

This week we take a close look at the developments in the economy of Suriname as the SRD to USD exchange rate hits a historic high, developments in planned protest this week, and the departure of the Minister of Spatial Planning and the Environment.

Suriname's economy gets shakier as the exchange rate hits 35:1

• The government has stated that the fuel price increase, phasing out of subsidies, and the unpegged exchange rate are required measures of the IMF to receive a certain portion of funds. However, after receiving the next portion, the government has stated that these issues will be addressed.

• While speaking in the Presidential Cabinet, the president stated that there was a requirement to obtain funds prior to addressing the surrounding economic issues.

• The IMF funds will allow for the stabilization of the economy and a resulting stabilized exchange rate. However, the government has often lacked communication with the public which has caused confusion in the country.

• Since last year, the exchange rate has been out of control. The CBvS set the exchange rate at SRD 7.50 for USD 1 when Santokhi took office and has now devalued down to SRD 35 within 3 years - the exchange rate is even higher at cambios (currency exchange offices).

• Due to Suriname’s import-reliant economy, the country earns little foreign exchange currency creating a constant upwards pressure on the exchange rate.

Communities remain wary of the upcoming protest this week

• C-47 affiliated unions will not participate in the March 24 protest organized by activists.

• The government has invited C-47 for a meeting, which they have declined.

• C-47 intends to avoid repeating matters that have been on paper and await implementation.

• Complaints have been raised against Ravaksur, and C-47 has decided to write to them.

• C-47 will not participate in the March 24 protest due to the experience of the February 17 protest and different insights from the activists.

• In related news,, the Surinamese Business Association (VSB) advises its members to allow business operations to proceed normally on March 24 but to be alert.

• The VSB believes that closing all companies is destructive to the already fragile economic and social conditions.

• The VSB advises its members to take necessary precautions to protect personnel, property, and goods during the protest.

• Sustainable growth of the economy and preservation of jobs is the priority of the business community.

Minister of Spatial Planning and the Environment, Silvano Tjong-Ahin departs

• Silvano Tjong-Ahin, the former Minister of Spatial Planning and the Environment, has officially handed over leadership to Steven Mac Andrew, Minister of Labour, Employment and Youth Affairs, who will act as ad interim.

• Tjong-Ahin, in his farewell speech, highlighted that although the ministry is small, it is focused on the future and has done a lot of work already.

• The former minister has remained relatively scandal free during his tenure and remarked being confident that the staff he leaves behind is well-equipped to continue the great work that remains to be done.

• Minister Mac Andrew expressed regret that Tjong-Ahin could not complete the work he started and hopes to continue his policies, seeking the outgoing minister's support.

• Tjong-Ahin made his portfolio available to the president following the NPS leaving the coalition on 15 February along with Education Minister Marie Levens (her successor is yet to be determined).