Ailing Suriname floats its currency

Defaulting country holds debt talks as inflation and corruption take toll

Suriname-flag

The Central Bank of Suriname floated the country’s currency on June 7. The International Monetary Fund required the country to deregulate its exchange rate in return for a three-year, $690 million loan.

The agreement – struck at the staff level on April 29 – comes as Suriname has repeatedly defaulted on its heavy debt load, which exceeds 150% of GDP. The country’s new administration, elected last year, is also prosecuting two former central bank governors, alleged examples of a larger problem

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