{"id":1823,"date":"2020-03-19T17:36:51","date_gmt":"2020-03-19T17:36:51","guid":{"rendered":"https:\/\/vsb2.21qcaribbean.com\/?p=1823"},"modified":"2020-09-18T13:58:14","modified_gmt":"2020-09-18T16:58:14","slug":"recent-exchange-rate-developments","status":"publish","type":"post","link":"https:\/\/vsbstia.org\/?p=1823","title":{"rendered":"Recent exchange rate developments"},"content":{"rendered":"

In the last quarter of 2019, the average CBvS selling exchange rate of the SRD against the USD is still stable at SRD 7.52, while the Euro exchange rate fluctuates sharply and shows a rising trend since December (see graph). With regard to the cambios, the exchange rate are rising for both the USD and the Euro, especially in the month December, due to increased imports as a result of increased demand at the end of the year and a lack of foreign currencies availability.<\/p>\n<\/div>

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To discourage the demand for USD cash, account holders of the banks were only able to withdraw a limited amount of USD on a daily basis from their own USD accounts at certain times in 2019, while wire bank transactions were actually encouraged and are still being encouraged.<\/p>\n<\/div>

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In September 2019 the CBvS started the first Euro money shipment to the USA regarding it\u2019s collaboration with the USA FED in the form of a Banknote Trading Agreement. This cooperation was one of the solutions to compensate for the scarcity of the USD banknotes.The effect of this solution was seen in October and November last year, in the decrease of the selling rate of the USD at the cambios.On December 24, the Council Chamber of the Dutch court of North Holland ruled in favour of the CBvS, DSB N.V., Hakrinbank and the Finabank, who had filed a lawsuit against the seizure of the Euro 19.5 million. The court ruled that the funds should be returned.<\/p>\n

The scarcity of USD banknotes that arose last year due to the seizure of the Euro money transport (Euro 19.5 million) in April 2018 and the inability to ship Euro banknotes to China to convert it into USD banknotes (currency swap), was also noticeable in 2019.<\/p>\n

In December the SRD started to depreciate again against the USD. In the first days of 2020, USD are available for a limited amount at some cambios at a selling rate of approximately SRD 8.65 per USD. The selling rate for the Euro at the cambios has been on the rise since October and is now around SRD 9.00. At City cambio of mr. B. Chotelal, USD has been selling at rate of less than SRD 8.00 for some time now. The banks also sell a limited amount of foreign currency for special purposes, in particular USD, at the CBvS rate of SRD 7.52. However, a trading fee is added to the rate, which comes to a final selling price of approximately SRD 8.00 per USD.<\/p>\n

The exchange rate development has a direct impact on both entrepreneurs\/producers and on consumers. Importers can bring in goods and inputs from abroad at a certain exchange rate. When the load has arrived and the exchange rate has risen, the selling price of these goods is charged on the basis of the then applicable exchange rate. This results in an exchange rate gain on the cargo. If prices of goods continue to rise due to the rising exchange rate, demand will decrease at some point; especially if these are not basic goods. It is important for both producers and consumers that the exchange rates are stable in both the short and long term. Currency speculators who take higher risks on the other hand, benefit from the fact that prices are unstable in order to make a profit.<\/p>\n

For reactions or further information please contact Drs. Malty Dwarkasing, Policy Officer at:
\nmalty.dwarkasing@vsbstia.org.<\/a><\/p>\n<\/div>

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