Will the dollar reach 50 Haitian Gourdes by the end of the year?

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.

Castel allayed concerns the country's currency would not be at 50 gourdes by December 31st. This is because December coincides with increased remittances from the Diaspora ". . . and also a lull in the forex market . . ." He said 2014 began with trading at 46 gourdes for each U.S. dollar. With the rate now at 47 gourdes (a 2% depreciation), it is considered within the realm of acceptability.

He talked about Central Bank's financial strength and its gross reserves, totaling $1.9 billion dollars and its net reserves, totaling $970 million. He assured everyone Central Bank was proactive in heading off any further depreciation of the gourde.

The Bank of the Republic of Haiti (BRH) Bonds over the last two months rose from $4.9 billion to $9.2 billion. The rates on 7-, 28-, 91- day BRH Bonds in October at 4%, 5%, and 6% rose in December to 5%, 6.5%, and 8%. BRH sold 5.9 billion gourdes on the foreign exchange, now starting to affect exchange rates positively.

The BRH Governor has exhorted authorities to urgently raise production in Haiti, necessary to reduce imports that cause destabilization of the exchange rate and trade balance.

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