Finance

More than 55 Haitian Gourdes for One US Dollar. Election, end of a political reign, debt to PetroCaribe, decision of Haiti to conduct all transactions in Haiti in the Haitian Gourde, these are some of the reasons why you now need more than 55 Haitian Gourdes to buy a US Dollar. By the way you can't even find the US dollars even if you have the money to buy it.

The financial system, regardless of the country, is always considered to be efficient. The same way that the stock market in the more developed world is based on speculation and stability, the financial system in Haiti is no different. It is based on offer and demand in an environment where a reasonable prediction can be made.

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The Haitian gourdes has been losing its value fast for the past few Months.At the beginning of the Month, the exchange rate was 46 gourdes for a US dollar. Today, you need 47 Gourdes for a dollar.

With the current level of political instability in the country will Haitians need 50 gourdes to buy one one US dollar by the end of the year?

Central Bank Governor Calms Fears about Gourde Devaluation

Governor of Haiti's Central Bank, Charles Castel, addressed a growing alarm the gourde might depreciate too quickly before the end of the year. It is now trading at 47 gourdes for each U.S. dollar and worries are depreciation of Haiti's currency may reach 50 gourdes by years' end.

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President Martelly stopped by the Wall Street Journal in New York to discuss ideas to stabilize and grow his country's economy. It is well-known Haiti was immobilized by 2010's earthquake, with a death toll of 100,000-plus. Ever since the island has labored to draw the interest of international private investors for reconstruction projects.

Public and private investment partnerships, domestic or foreign, have been at the top of Martelly's agenda. He has realized the shambles of the country's infrastructure have rendered it in the eyes of the world ". . . as a basket case . . . whose only hope lay in attracting charitable aid."

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A complaint was filed against Jean-Bertrand Aristide, former President, by the National Coordination of Members Victim of Cooperatives - (CONASOVIC) for conspiracy, fraud, theft and breach of trust.

Vast Swindling Leaves Members Ruined
CONASOVIC Coordonnateur, Rosemond Jean made clarifications that, former President of CNC - Council of Cooperatives, Henriot Petiote, Head of United Hearts, David Chery and former leader of the CADEC - Cooperative of Insurance Savings and Credit have also been pursued in the complaint by Members Victim of Cooperatives.

During the bankruptcy of 2002-2003, all assets had been lost by the financial cooperative members numbering thousands who had joined the scheme attracted by the 10% interest rate promised. There was a collapse of the get rich scheme due to the vast swindle thus leaving the members ruined and Haiti, much poorer.

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PromoCapital, established in 2004, became Haiti's pioneer investment bank, the ancillary arm of PromoBank. PromoCapital set up its headquarters in Pétionville and opened affiliate offices in Washington, D.C., Aventura, Florida, and Port-au-Prince, Haiti. The investment bank began with 70 partners in a joint-venture effort born of an agreement signed by the Haitian-American Diaspora, Haitian small- and mid-size businesses, and investment capitalists. The Haitian and U.S. shareholders would share the equity between them equally.

PromoCapital is sub-divided into two financial entities, PromoCapital, S.A., set up as Société Fiancière de Dévelopment, in Haiti, and PromoCapital USA, Inc., a general partnership corporation licensed to operate in Delaware State. PromoCapital appointed two directors to represent its financial entities: Chairman Henri Deschamps of PromoCapital Haiti, and Dumarsais M. Siméus, Chairman of PromoCapital USA.

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The Bank of the Republic of Haiti (known in French as Banque de la République d'Haiti) (BRH) serves as the main bank of Haiti. As a participant in the Alliance for Financial Inclusion, it promotes its own proprietary financial inclusion initiative.

Soon after Haiti drove the French off the island, it reclaimed its status as a sovereign state. First mention of BRH occurred in a brief exchange of letters in September 1825. A German corporation, Hermann Hendrick and Co. (HHC), wanted to start a bank in newly-freed Haiti. They hired George Clark to draft a proposal, which was reviewed by Nicholas Kane, foreign liaison between HHC and Balthazar Inginac, Haiti Secretary of State. The proposal was rejected and Haiti's first bank would wait decades to become established.

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Banque de l'Union Haitienne (BUH), Haiti's first privately-held bank, with a full range of banking services, was established in 1973. Clifford Brandt, a Haitian corporate businessperson, partnered with Banco Popular Dominicano of the Dominican Republic (BPDDR) to create the bank. He and BPDDR's president, Alejandro Grullon, met to begin the process for launching Haiti's first private bank in 1973. With Grullon's approval, a pre-planning committee was set up to incorporate BPDDR's rules and regulations in order to be in conformance with its holding company.

In a meeting on June 2, 1973, 420 shareholders voted for the creation of BUH. Also at this gathering, it planned its regulatory structure, and selected a nine-member Board of Directors and a Controller.

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The best way to ensure employee satisfaction is through giving the benefits that every hard-working employee deserves. The success and failure of a business or institution always relies on whether the people who work are happy, as this equates to work productivity. In a country of limited healthcare, Haiti's workers are in need of sufficient health programs from the government and the companies they work for.

In line with the Yuletide season, Haiti's Post Office announced earlier this month that it will be providing all its employees with the health program of the Office of Workers' Compensation Insurance, Sickness, and Maternity (OFATMA). This is in line with the initiative of the Post Office's Director General Regine Godefroy. The health program, which will be effective starting January 2013, will provide employees of the institution, both working in the cities and towns, with sufficient health care benefits and social protection for them and their families. The funding of OFATMA will be shouldered by the institution.

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The Cap Lamandou Waterview Hotel is in need of upgrading. The Clinton Bush Haiti Fund is a nonprofit making organization that was formed after the 2010 earthquake. It was at a time when President Obama requested former presidents Clinton and Bush to organize fundraising for Haiti. It was formed to collect money from well wishers, and the money collected was to be used to reconstruct Haiti by increasing job opportunities and causing economic improvement. With these two opportunities being created Haiti is believed to improve gradually.

Clinton Bush Haiti fund is meeting its role by giving $2.59 million loans to improve four businesses and workforce development programs. The four businesses were Regis College, Cap Lamandou Waterview Hotel, CLYF Quincallerie and SOFIHDES. These will ensure that Haiti will gain stability in its economy.

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The gross domestic product (GDP) is a measurement of how healthy the economy is. The GDP is made up of income and spending totals. The rate is calculated either annually or quarterly, as compared to the previous year or quarter. For instance, if the quarterly GDP is up 1.5%, this means a 1.5% growth in the economy over the last quarter.

The GDP formula is too complex to explain, but it can be simplified for discussion's sake. Calculation occurs by one of two methods. The income model totals annual workers' wages, or the spending model totals annual consumer spending. When both models' totals are compared, they should approximate the same figure.

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