To create interest among old and new customers, Digicel has decided to transform its TchoTcho service into Mon Cash.
Digicel's Tcho-Tcho has been re-branded as Mon Cash. For subscribers no standard bank account is necessary to use Mon Cash. The updated version includes more functionality with an expanded network of authorized agents. Account types offered include mini and comprehensive portfolios and a regular account.
The new version is focusing on intra-Haiti money transfers. Digicel boasts Mon Cash ". . . the safest, most convenient, fastest and . . . economical to send and receive money . . ." in Haiti.
Natcom has decided to get into the game of Lajan Cash. The trade name of the Mobile Banking launched through the use of cell phone as electronic wallet.
On Monday, June 1, 2015, the Haitian Prime Minister Evans Paul took part at the launching ceremony of 'Lajan Cash" held in the Natcom auditorium. "Lajan Cash" is a form of electronic wallet, now available on the Natcom network. With the introduction of this new opportunity, the Natcom cell phone users can use their mobile phones to electronic payment solutions, and this became possible with the result a of partnership between Natcom and the Banque Nationale de Credit (BNC). The Natcom subscribers can spend and transfer money with speed and confidence. Evans Paul, as the Head of Government welcomed the new product and hoped this would be more accessible to all people in the country including those in rural areas in near future.
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.
These Haitian bank notes were created in commemoration of the 250th Anniversary of Port-Au-Prince and President Florvil Hyppolite
Born as Louis Mondestin Florvil Hyppolite, he was a black man of the elite class who was chosen by the Constituent Assembly of Haiti, on a meeting in Gonaives on October 9, 1889, to be the nation's president, a title he would hold for a period of seven years. The decision was made following Hyppolite's clash with the then president, François Denys Legitime, who Hyppolite would overthrow. Within that war it is said Legitime had the backing of France and the British, while Hyppolite had tried to secure that of America by guaranteeing the US a Haitian region named Mole Saint Nicolas. From the deal, Hyppolite would receive aid and additional security.
Here is an interesting picture where Haitian currency is being transported via Bourette.
Haiti has long been known to be the poorest of countries in the Western Hemisphere. Still, its GDP growth in 2012 was reported at 1.3% making its annual GDP approximately $13 billion. One of Haiti's problems is that it has a higher inflation rate than other low-income countries in a similar circumstance. It also has to battle a lack of investment opportunities and repeated disasters that cripple the economy. In 2012, the country listed revenues of $1.35 billion, with expenses of $1.446 billion.
Here is a picture of Haiti currency, specifically Gourde and dollar.
The first Haitian money which is the gourde started in circulation 1813, some 10 years after its independence. It replaced a previous currency called the livre. The Haitian Gourde was valued at the time at 8 livres.