Haiti - FLASH : UNATHA announces the closure of all transfer offices of its members - HaitiLibre.com : Haiti news 7/7





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Haiti - FLASH : UNATHA announces the closure of all transfer offices of its members
24/09/2020 10:06:02

Haiti - FLASH : UNATHA announces the closure of all transfer offices of its members
The National Union of Haitian Transfer Agents (UNATHA) opposes in a note, to the circular 114-2 of the Bank of the Republic of Haiti (BRH) and announces the closure of all transfer offices of its members on the national territory as the first protest measures.

The sub-transfer agents claim to be victims of a small group of commercial banks controlled by the BRH that post benchmark rates that do not reflect economic reality and that lead clients to believe that it is the transfer offices that are monopolize their money.

For Pierre Renel, President of UNATHA, the application of this circular from October 1st will send tens of thousands of people out of work.

UNATHA demands the withdrawal of this circular and urges the population to remain vigilant and understand the game of the BRH which, according to it, aims "to eliminate the middle class which creates jobs in the economy."

Rousseau Junior, the Treasurer of UNATHA is clear that “the BRH wants to give control of the dollar to the Haitian banking sector. "

For its part, the BRH justifies the merits of its circular and the measures it contains, in order to have better control over transfer operations (due to a large proportion of the flow of transfers using the informal circuit) and to strengthen its capacity to defend the external value of the national currency. In other words, the BRH asserts that the provisions of Circular 114-2 will consolidate the intervention capacity of the BRH to increase, if necessary, the supply of dollars on the foreign exchange market.

The reasons behind the issuance of BRH Circular 114-2 can be summarized in the following points: Need to protect transfer recipients; improve transparency and governance in international transfer operations; protect the financial system from the risk of money laundering and terrorist financing; Mitigate the risk of scarcity of cash in dollars and ensure the behavior of the exchange rate that best reflects the situation of fundamentals:

Download all the details of the merits of the provisions of circular 114-2 (PDF) : https://www.haitilibre.com/docs/Argumentaires_Circulaire-114-2.pdf

SL/ HaitiLibre

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