PARAMARIBO, Suriname – President Jennifer Geerlings-Simons says her administration is focusing on increasing foreign exchange earnings from the gold sector and plans to hold discussions with stakeholders in the sector next week.
President Geerlings-Simons said the new government, which was sworn into office in July following the May 25 elections, wants to counter the persistent pressure on the exchange rate by increasing foreign exchange earnings from the gold sector.
President Geerlings-Simons said that the exchange rate appreciation was already visible before the elections and that this trend was accelerated by the significant government spending during the election campaign.
“We’re still seeing pressure on the exchange rate. We know the government spent a lot of Surinamese money on the elections. That always puts pressure on the exchange rate. You can counter that pressure somewhat with a few measures, but that’s where the pressure on the exchange rate comes from,” she said.
President Geerlings-Simons said that increasing the Central Bank’s foreign exchange reserves is crucial to reducing pressure on the exchange rate and improving economic stability.
She reiterated that the gold sector plays a vital role in this, offering an immediate opportunity to improve the economic situation in the short term.
The head of state noted that revenues from the gold sector, particularly from small-scale gold mining, have declined significantly in recent years.
“The gold that leaves the country never returns. That’s why Suriname must benefit from every amount of gold that is mined and exported,” said Geerlings-Simons, adding that by inviting the stakeholders for talks next week and beyond, the goal is to reach joint agreements that will increase foreign exchange earnings, thus creating a stable foundation for the country’s continued development.
Geerlings-Simons said these revenues from the gold sector are essential for investing in education, improving healthcare, and maintaining a stable exchange rate.
