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Haiti - Economy : Artificial shortage of the dollar, the BRH convene the APB 05/12/2011 12:30:32
emember that many bank customers wishing to withdraw cash in U.S. are faced with a refusal or a limitation of USD$500. Many customers are left unsatisfied from the banking institutions, and for those who want large amounts they must make a request and funds are available in 48-72 hours. However Eddy Labossière recognizes that Haiti does not export much, which results that the foreign currency does not enter into the country, however, he noted that the Haitian economy receives a significant amount of dollars through, among other, the transfers of money from the diaspora and international cooperation. A view shared by Maxime Charles, President of the Association of Professional Bank (APB) who declared last week "...our compatriots in the diaspora, have also sent more money to their parents in Haiti up to USD$1.5 billion [...] When you look at bank deposits in U.S. dollars, they have been steadily increasing [...] now to around $2billion [...]" Mr. Labossière also indicates that despite an alleged increase in imports of goods during the months of November and December, the amount of foreign exchange inflows should not diminish on the banking market in Haiti, indicating at the same time that "some customers, free of restrictions, could remove large amounts of the same banking institutions," increasing his doubts about a shortage of the dollar and making believe to a artificial shortage. The Economist Eddy Labossière suggests that commercial banks, which according to him directly manage the dollar, make profits from the depreciation of the gourd because of their assets in dollar, also specifying that the influx of dollars received by the economy does not lead to the appreciation of thenational currency, and that any shortage leads to price increases. "We expect of the central bank (Bank of the Republic of Haiti - BRH) that it play a much larger role in the regulation of sector, including by supervising commercial banks so that they do not interfere with its monetary policy," hopes the Haitian economist. BRH has convened for this Monday the Professional Association of Bank (APB) around the question of the supposed shortage of dollar into the banking system. See also : https://www.haitilibre.com/article-4400-haiti-economie-pas-de-rarete-de-dollars-en-haiti-mais.html (in french) HL/ HaïtiLibre
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