The shortage of US dollars in the market is not only driving up the SRD/USD exchange rate but also hampering financial institutions and small businesses in their operations. Banks that had normalized the sale of US dollars to the public have temporarily suspended these transactions. Additionally, converting SRD to US dollars in client accounts under pre-arranged agreements with banks is currently not possible.
For example, Southern Commercial Bank has temporarily halted the SRD-to-USD conversion for UnionPay prepaid cards. The bank announced this decision on Friday, November 8, via its Facebook page. This measure is a result of the persistent shortage of US dollars, which has left the bank unable to sell the currency. “Transfers received today will not be processed but automatically refunded,” the bank’s management stated. The conversion service will resume once the availability of US dollars is normalized.
At other banks, clients face difficulties withdrawing their saved US dollars, often being limited to small amounts. “It’s my own money, which I worked hard for, yet the bank decides how much I can withdraw. But when those big shots show up, it’s no problem for them,” expressed a frustrated Demiro C. He receives payments for his work in US dollars, which are deposited into his local bank account. However, withdrawing the funds has proven challenging. “And then, on top of that, I have to pay the bank from my hard-earned money,” he added, referring to administrative fees.
Money changers are willing to sell euros, though in limited amounts, but are reluctant to sell US dollars. On the other hand, they actively purchase dollars and euros. The exchange rates for these currencies have fluctuated between SRD 35 and SRD 37 for weeks. The shortage of US dollars has caused frustration among small business owners who need the currency for their operations.
Sylvana K., who imports makeup products from the United States, pays for her purchases in cash at an import company using US dollars. She complains that money changers refuse to sell dollars, even when they have recently purchased them from others. “They simply claim they don’t have any,” said Sylvana.
