Suriname business association warns of mandatory foreign exchange sales

The Association of Surinamese Businesses (VSB) has issued a warning regarding new regulations requiring the mandatory sale of foreign currency export earnings. Under the new rules, companies must repatriate their export revenues and sell 35 percent of those earnings in Surinamese dollars to a local exchange bank within three working days.

The VSB expressed concerns that this measure could hinder the growth of local production. Manufacturers of food, hygiene products, and other consumer goods rely heavily on foreign currency to import essential raw materials, packaging, machinery, and spare parts.

Forcing companies to convert a significant portion of their earnings into local currency creates a cycle where they must later repurchase foreign exchange, leading to increased operational costs and financial uncertainty. The VSB noted that these added costs could ultimately result in higher consumer prices and reduced competitiveness for local products.