Suriname has devalued its local currency by more than 20 per cent, four years after it devalued the currency in 2011 by 16.4 per cent and announced tax raises on alcohol, tobacco, gasoline and basic services.

A report by the Jamaica Observer says the Central Bank of Suriname blamed the drop in global prices for oil and gold for the decision to devalue the currency which will now trade at four Suriname dollars to the US dollar, up from $3.25.

The Central Bank said the financial reserves had declined to US$370 million from one billion dollars in December 2012.

“Suriname is momentarily experiencing a genuine commodity shock,” the Central Bank said in a statement, while opposition legislators said the devaluation was a “smack in the face to all Surinamese”.

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