Haitian gourde - Haiti Observer Blog

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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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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From 3rd January Payment By Credit Cards To Be Made In Gourdes In Haiti As Per The Bank Of The Republic Circular

The Bank of the Republic of Haiti sent out a circular to credit card companies and banks, late November informing them that all operations in Haiti territory paid by credit card will be in gourdes, exclusively, regardless of the place the credit card is issued. The circular has been issued in accordance with the 14th May 2012, Act, paragraph 5 of Article 83 of financial institutions and banks. Procedures for credit card billing transactions are determined by the circular. On 3rd January 2013, provisions of the circular will be enforced.

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We in the Diaspora are being hit once again. After levying a tax on the money I send to Haiti to pay for my children's education. After taxing the phone call I make to my family to make sure they received the money. Now it's the turn for the government to take part of the money I send to my family itself. The latest scam by the Haitian government is the decision that will require all money transfers in direction to Haiti to be delivered in Haitian Gourdes.

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