Haiti’s Currency Plunges to 125 to $1 USD

Haiti’s Currency Plunges to 125 to $1 USD

The Bank of the Republic of Haiti (BRH) said on Thursday, July 30 that the measure restricting the circulation of dollars received from abroad from transfer houses which was to come into force on August 3 is postponed to the 1st October 2020. 

In addition, circular 114-1 will be amended without knowing for the moment what this will imply as a change.

This is the second time that the BRH has been forced to postpone this measure which, while it will promote a formalization of transactions, risks disadvantaging the poorest, those who receive transfers from parents in the diaspora.

By prohibiting the payment of transfers in dollars and by forcing beneficiaries to receive funds in dollars in a bank account, the measure restricted the freedom on holding dollars in cash and could cause shortfalls on the exchange for the small carriers. Continue reading

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