What Is the Suriname Currency and How Is It Used?
Learn about Suriname's currency, its denominations, and how it functions in daily transactions, exchanges, and cross-border use.
Suriname’s currency plays a key role in the economy, facilitating everyday transactions and trade. Understanding its use helps both residents and visitors navigate financial exchanges efficiently.
While primarily used within Suriname, its value is shaped by economic policies and international factors.
Official Name and Symbol
The official currency of Suriname is the Surinamese dollar (SRD), which replaced the Surinamese guilder in 2004 to stabilize the financial system. The transition was necessary after prolonged inflation severely devalued the previous currency. At the time of conversion, 1 SRD equaled 1,000 guilders, effectively redenominating the money supply.
The currency uses the “$” symbol, similar to the US dollar, but is typically distinguished by the “SRD” abbreviation to avoid confusion. The Central Bank of Suriname oversees monetary policy and currency issuance, ensuring the SRD remains the sole legal tender.
Denominations in Circulation
The Surinamese dollar is available in both coins and banknotes, supporting transactions of all sizes. The Central Bank of Suriname regulates these denominations to maintain a functional currency system.
Coins
Coins are used for smaller transactions, such as buying snacks or paying for public transportation. Common denominations include 1, 5, 10, 25, and 50 cents, as well as 1 SRD. These coins are made from metal alloys for durability.
The 1-cent coin, while still legal tender, is rarely used due to its low value. Prices are often rounded to the nearest 5 or 10 cents in cash transactions. The 50-cent and 1-SRD coins are the most frequently used, though inflation has reduced their purchasing power.
Smaller Banknotes
Lower-denomination banknotes, such as 2.5, 5, 10, and 20 SRD, are widely used for everyday expenses. These notes are essential for transactions at markets, grocery stores, and public services, where cash remains dominant.
The 2.5 SRD note is unusual, as most currencies do not issue fractional denominations in paper form, but it remains in circulation to accommodate pricing structures that do not align with whole numbers.
These banknotes incorporate security features such as watermarks, color-shifting ink, and security threads to prevent counterfeiting. The Central Bank of Suriname periodically updates designs to enhance security and reflect national symbols, including images of local wildlife and historical figures. While electronic payments are growing, these smaller denominations remain crucial, particularly in rural areas with limited digital payment infrastructure.
Larger Banknotes
Higher-value banknotes, including 50, 100, and 200 SRD, are used for larger purchases, such as utility bills or bulk shopping. These denominations reduce the need to carry large quantities of smaller notes.
Due to inflation, the purchasing power of these banknotes has fluctuated, leading to discussions about introducing even higher denominations. The Central Bank of Suriname monitors inflation trends to determine whether adjustments are necessary.
Security features on larger notes include holograms, microprinting, and ultraviolet elements to deter counterfeiting. Businesses often verify these features when accepting high-value notes. While digital payments and bank transfers are growing, cash remains a preferred method, particularly in informal markets.
Use in Domestic Commerce
Cash transactions are widespread in Suriname, especially in local markets, small businesses, and transportation services. Many vendors and service providers operate informally, making cash the preferred or only accepted payment method. Grocery stores, street vendors, and independent tradespeople rely heavily on physical currency, as digital payment infrastructure is not uniformly available.
Retailers frequently adjust pricing in response to inflation, which affects consumer behavior. Businesses may round prices to simplify transactions, especially when making exact change is difficult. Inflation also influences wages and pricing structures. Consumers often withdraw larger sums from banks to reduce the need for frequent cash withdrawals.
Bank transfers and mobile payments are gradually gaining traction, particularly in urban areas where financial institutions promote digital adoption. Some businesses now offer QR code-based payments linked to local banking apps. However, inconsistent internet access and limited banking penetration in rural areas hinder full-scale digital integration. As a result, businesses often maintain dual payment systems, accepting both cash and electronic transfers.
Exchange Procedures
Foreign currency exchange in Suriname is conducted through banks, licensed exchange offices, and authorized money changers. The Central Bank of Suriname regulates these transactions to maintain stability in the foreign exchange market and prevent illicit financial activities. Exchange rates fluctuate based on supply and demand, with the SRD experiencing periodic volatility due to inflation, trade balances, and government policies. Official exchange rates are published regularly by the central bank, while private exchange offices may offer slightly different rates.
When exchanging foreign currency, individuals must present valid identification, and larger transactions may require additional documentation to comply with anti-money laundering regulations. Banks typically offer the most secure exchange services, though their rates may be less favorable than private exchange bureaus. Many businesses, especially in the tourism sector, accept US dollars and euros at negotiated rates, but official transactions must be conducted in SRD.
Cross-Border Usage
The Surinamese dollar is not widely accepted outside Suriname. In neighboring countries such as Guyana, Brazil, and French Guiana, travelers must exchange SRD for local currency. However, some border towns and informal trade networks may accept SRD in regions with strong cross-border economic ties.
For international transactions, businesses and individuals typically use widely accepted foreign currencies such as the US dollar or the euro. Many importers and exporters conduct trade in these currencies to mitigate exchange rate fluctuations. Additionally, remittances sent by Surinamese expatriates are often received in foreign currencies and converted into SRD through banks or exchange services. This reliance on external currencies highlights the limited role of the SRD in global commerce.