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Suriname Introduces New Higher Denomination Banknotes to Strengthen Currency System

Central Bank of Suriname Launches SRD 200 and SRD 500 Banknotes to Address Economic Factors

Suriname Introduces New Higher Denomination Banknotes to Strengthen Currency System

PARAMARIBO — The Central Bank of Suriname (CBvS) announced on Thursday the introduction of new SRD 200 and SRD 500 banknotes to be added to the Surinamese currency.

During a press conference held by the bank, it was indicated that macroeconomic developments, including inflation, currency devaluation, high demand for physical currency, inadequate ATM service, and the labor-intensive process of handling banknotes, necessitate this action.

CBvS Governor, Maurits Roemer, stated that the introduction of these new banknotes does not imply the withdrawal of lower denominations such as SRD 5, SRD 10, SRD 20, SRD 50, and SRD 100 from circulation. No one needs to exchange these banknotes to obtain the new ones. “There is no intention of currency purification associated with this,” Roemer said.

Furthermore, the governor emphasized that this does not signify a devaluation of the SRD. He pointed out that Suriname operates under a floating exchange rate regime determined by the principles of supply and demand for the US dollar.

The CBvS publishes the established exchange rate three times a day. A devaluation, from a technical standpoint, would only be possible under a fixed exchange rate regime.

The introduction of the SRD 200 and SRD 500 banknotes does not imply an unchecked increase in the money supply within society. Roemer stressed that Suriname possesses sufficient coverage, exceeding 90 percent, to execute the operation of introducing the new banknotes.

In principle, according to the banker, this high coverage should ideally result in a lower exchange rate for the US dollar. However, other technical factors come into play.

Benefits

The new banknotes will be put into circulation through local banks in the first quarter of the following year. According to Roemer and his team, the larger denominations will offer advantages to Suriname’s monetary flow.

Cash transactions can occur more efficiently, businesses can conduct transactions with fewer banknotes, requiring less transport volume and saving vault space. Moreover, this leads to reduced wear and tear on ATMs, enabling faster processing at these machines.

Roemer stated that he cannot provide a numerical estimate of the total value of the new banknotes due to security reasons. However, significant savings on printing costs will be realized.

Source: https://dwtonline.com/centrale-bank-introduceert-nieuwe-biljetten-van-srd-200-en-srd-500/

Date: 17 augustus 2023

Categories:  Economische Crisis, Economische Nieuws, Suriname 

Tags:  Central Bank of Suriname, Inflation, Maurits Roemer, Press Conferences 

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