Haitian gourde exchange rate soon to be 50 for one U.S. dollar

Haitian gourde exchange rate soon to be 50 for one U.S. dollar

It was not long that you needed 40 Haitian gourde to get one U.S. dollar. This is expected to increase even more.

The exchange rate for the Haitian Gourde per U.S. Dollar had remained unchanged at 47.20 between May 2014 and April 2015. The same currency exchange rate was averaged at 31.89 to a U.S. Dollar from 1994 until 2015 with a maximum of 50.00 (in February 2003) and a minimum of 14.85 (in August 1996). However, over dependence on import from countries like, the Dominican Republic and United States have resulted excessive outflow of foreign currency reserve, because the exporters of foreign countries accept payment only in their own currency or currency of their choice. Inflow of foreign currency in a country is mainly generated through its exports. Unfortunately, the imports in Haiti have always overshadowed Haitian exports. As a result, higher demand for U.S Dollar than its supply will eventually push its price higher. In consequence, the current exchange rate 48.75 gourdes for a dollar may soon surpass 50.00. If that happens, that would be the steepest devaluation of the Haitian gourde in past 15 years. To some extent, unstable economical and political situations, dysfunctional Parliament are also some of its contributing factors.

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