Foreign Exchange Law
The Foreign Exchange Law 1947 (Deviezenregeling 1947) regulates the foreign exchange regime of Suriname. The rigid law rules that foreign and domestic exchange transactions between resident and non-residents require an approval from the Foreign Exchange Board (Deviezencommissie). By General Rulings the Foreign Exchange Board liberated the system considerably since 1992 for transactions on the current balance of the country, but capital transactions, as defined in several Rulings, still need special approvals (often in consultation with the Central Bank) to protect the foreign exchange reserves of the State.
Currency Control Act
On 23 March 2020, the Currency Control and Transactions Offices Act (Wet Controle Valutaverkeer en Transactiekantoren) (the “Currency Control Act”) came into effect which, amongst others requires legal entities to repatriate 50% of their export proceeds from the mining sector and 60% from all other sectors. Failure to comply with this rule subjects the offender to have its permission to export goods suspended until the obligation to repatriate has been fulfilled. Currently, the Currency Control Act is suspended by the National Court in preliminary relief proceedings, pending a decision by the Constitutional Court (which will make a final determination, expected by mid-August 2020) as to the constitutionality of the Currency Control Act.