Suriname Dollar

Overview

The Suriname Dollar was introduced in 2004, and as such is a fairly new form of currency. Suriname is located on the north coast of South America, between Guyana and French Guiana. Although it is fairly large (approximately 64,000 square miles), Suriname is a minor state in South America. The population of 470,000 live mostly in the northern part of the country, around the capital of Paramaribo.

Economy

• Suriname’s resources are attracting foreign businesses and investment for several reasons, from cheap electricity costs to major reserves of specific minerals.
• The agricultural sector has shown through the centuries that it can diversify and is currently in a somewhat stable position. It accounts for almost 10% of the GDP and employs approximately 8% of the total workforce of about 166,000.
• Currently this sector produces plantains, rice kernels, peanuts, coconuts, beef, and shrimps.
• The country has several large export partners, including Canada, the Netherlands, Belgium, the United Arab Emirates, and the United States.

History

• The Dollar replaced the Suriname Guilder on January 1, 2004 at a rate of 1 Dollar = 1000 Guilders.
• The old 1-cent coins (100 to a Guilder) were declared to be worth their face value in the new cents, so that new coins did not need to be made.
• The US Dollar is used to quote prices for electronic goods, household furnishings, appliances, and automobiles.