Editing Economy of Suriname (section)

== Currency ==
Moreover, in January 2002, the government renego STAATSOLIE and other local players are anticipating on the development of the off-shore oil industry.<ref>{{Cite web |date=2024-01-08 |title=De West - Olie- en gasindustrie van Suriname boekt vooruitgang in 2023 - DE WEST |url=https://dagbladdewest.com/2024/01/08/olie-en-gasindustrie-van-suriname-boekt-vooruitgang-in-2023/ |access-date=2024-07-12 |website=dagbladdewest.com |language=en-US}}</ref>tiated [[civil servant]] wages (a significant part of the work force and a significant portion of government expenditure), agreeing to raises as high as 100%. Pending implementation of these wage increases and concerned that the government may be unable to meet these increased expenses, the local currency weakened from Sf 2200 in January 2002 to nearly Sf 2500 in April 2002. On March 26, 2003, the [[Central Bank of Suriname]] (CBvS) adjusted the [[exchange rate]] of the U.S. dollar. This action resulted in further devaluation of the [[Surinamese guilder]]. The official exchange rate of the US$ was SF 2,650 for selling and SF 2,600 for purchasing. With the official exchange rate, the CBvS came closer to the exchange rate on the parallel market which sold the U.S. dollar for SF 3,250.

With the beginning of 2004 the [[Surinamese dollar]] (SRD) was introduced with an exchange rate of 1000 Surinamese gulden to 1 Surinamese dollar. Before 2004: [[Surinamese gulden]] (SRG) = 100 cent, SRD 1 = SRG 1000; coins had extremely low official value and a much higher collector's value; their official value has now been multiplied by 1000: the value in SRD cent is equal to the former value in SRG cent. The same applies for "currency notes" (SRG 1 and 2.50).

Surinamese guilders per US dollar - 2,346.75 (2002), 2,178.5 (2001), 1,322.47 (2000), 859.44 (1999), 401 (1998) <br>
Note: during 1998, the exchange rate splintered into four distinct rates; in January 1999 the government floated the guilder, but subsequently fixed it when the black-market rate plunged; the government then allowed trading within a band of SRG 500 around the official rate

Between 2004 and 2022, the value of the new Surinamese dollar (SRD) was set by the central bank. The [[Central Bank of Suriname]] spent much of Suriname's foreign currency reserves supporting the official exchange rates as inflation and other factors caused the real value of the Surinamese dollar to decline against other reserve currencies. As with the previous Surinamese guilder, the difference between the official exchange rate and the decreasing real value of the currency allowed [[black market]] currency trading to thrive. In June 2021, the central bank devalued the SRD by 33% and announced the currency would float freely.<ref>{{cite web | url=https://www.eca-international.com/insights/blog/june-2021/surinam-devalues-its-currency-by-50 | title=Surinam devalues its currency by 33% | access-date=2023-02-07 | archive-date=2022-12-02 | archive-url=https://web.archive.org/web/20221202133644/https://www.eca-international.com/insights/blog/june-2021/surinam-devalues-its-currency-by-50 | url-status=dead }}</ref> By June 2022, official exchange rates began to reflect the real floating exchange rate.<ref>{{cite web | url=https://www.xe.com/currencycharts/?from=SRD&to=USD | title=Surinamese Dollar to US Dollar Exchange Rate Chart &#124; Xe }}</ref>