Haiti - Economy : The plunge of the gourde continues... - HaitiLibre.com : Haiti news 7/7

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Haiti - Economy : The plunge of the gourde continues...
20/07/2015 10:00:05

Haiti - Economy : The plunge of the gourde continues...
For nearly a month, the exchange rate entered in a disturbing fluctuation period. It is necessary today 56 gourdes to obtain one US dollar against 46 gourdes there are less than 30 days or more than 20% more gourdes to acquire one valuable greenback, this is the first time that our currency is experiencing such devaluation.

Charles Castel, Governor of the Bank of the Republic of Haiti (BRH), intervening at a press conference last week to try to reassure economic agents and population, claiming that if the current situation is difficult, it is not beyond the control of the Central Bank "With net foreign exchange reserves of 861 million and gross reserves equivalent to about five months of imports, the BRH has enough resource for possible market interventions at the right time."

He explained that several factors explain the devaluation of the local currency against the greenback, citing among others: a reduction of budget support, the downsizing of the Minustah (source of foreign exchange) expectations related to the uncertainty of the electoral period and circulation of alarming information on the financial health of the country, but especially the weakness of the national economy, noting that Haiti exports only $910 million including at the level of outsourcing, then the country still imports annually almost $4 billion.

"The Central Bank has chosen initially to be very moderate in the use of its reserves in dollars," said the Governor Castel, recalling that the BRH had already injected $70 million to enhance the availability of foreign exchange in the market and curb the depreciation of the gourused with moderation."

He also indicated that the falling prices of food and oil in the international market is a favorable element for Haiti, which compensates to a large extent the volatility in the foreign exchange market in Haiti and the depreciation of the gourde. However, he warned the economic agents, who are tempted to take advantage of the situation to increase market prices and fuel inflation. "The problem is both structural and conjunctural. We acted on the conjunctural, now it is appropriate to take measures in order in particular to strengthen local production [...]" declared Charles Castel.

SL/ HaitiLibre

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