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Haiti - Economy : The BRH announces several monetary decisions
07/12/2017 09:53:26

Haiti - Economy : The BRH announces several monetary decisions
Jean Baden Dubois the Governor of the Bank of the Republic of Haiti (BRH) informs us that during the last session of Monetary Policy of the BRH, several decisions were taken following the analysis of some key indicators.

He explained that the analysis of certain key indicators made it possible to note in particular :

- A rise in the exchange rate, in recent weeks, after a significant decline, 70 gourdes to 64 gourdes for a dollar and a long period of stability over the last 6 months, which has not been transmitted in the price movements;

- A relatively high rate of inflation (14.4% year-on-year in October 2017) http://www.haitilibre.com/en/news-22821-haiti-economy-very-slight-slowdown-in-the-rise-in-monthly-inflation.html

- An increase of approximately 3 billion gourdes (compared to September 2017), of the net credit stock of the BRH to the State;

- An excess liquidity situation despite an increase in outstanding BRH bonds by 17% compared to September 2017.

Thus, on the basis of the evolution of the economic and financial situation and after deliberation, it was decided:

1) to increase the reserve requirement ratio on liabilities denominated in foreign currencies by 1.5 percentage points;

2) To keep interest rates unchanged on the BRH bonds;

3) To intervene in the foreign exchange market for a fraction of routine interventions designed to smooth exchange rate fluctuations;

4) To adopt other measures concerning the regulation and the monitoring framework that will be communicated shortly.

To be continued...

HL/ HaitiLibre

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