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Suriname changing name of currency.

Suriname is changing the name of its currency from guilder to dollar when new banknotes and simplified exchange rates are introduced in January, reports AP (July 31, 2003):

The move is the latest in a series of measures aimed at restoring confidence in the national currency and to make it easier to use in everyday purchases. "The government thinks it is the right time to join the Caribbean by changing over from the Surinamese guilder to the Surinamese dollar," President Ronald Venetiaan said. Come January, the only guilder to remain in the region will be the Netherlands Antilles guilder. The Surinamese currency's exchange rate against the U.S. dollar would change from its current 2800:1 to 2.8:1 eliminating the need to carry thick wads of cash around, the Central Bank said;

On busy days, many of the country's ATM machines need to be refilled several times on busy days. The currency has plunged against the U.S. dollar in the past 23 years from 1.8 in 1980--before the effects of seven years of military rule rocked the economy--to 2,650 in 2003. The U.S. dollar is traded at street exchange houses between 2,800 and 2,950 guilders.
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Title Annotation:SURINAME
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:3SURI
Date:Sep 1, 2003
Previous Article:Emergency Recovery Project.
Next Article:S&P revises ratings.

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