Finance

In November 11, 1915, the Haitian President Sudre Dartiguenave was forced to sign a treaty with ratification by the Haitian Senate The document legitimized the US occupation and put Haitian finances and government under the control of the US for the next 20 years. The controversial amendment also aimed to disbanding the Haitian army and permit foreign land ownership that had been outlawed since the Haitian Revolution. However, the reluctant lawmakers rejected that notion and rather began drafting a new anti-American constitution, but under U.S pressure, that bill was kept undecided by President Dartiguenave till 1929. In 1929, a series of strikes and uprisings against the U.S initiated the withdrawal of U.S Marines from Haiti. In 1934, in concert with "Good Neighbor Policy" introduced by President Franklin D. Roosevelt, U.S Marine was officially withdrawn from Haiti except retaining fews for maintaining economic connections.

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Here is a picture of Haiti Minister of the Economy and finance, Yves Romain Bastien

A detailed analysis of US spending, however, raised questions about how much of those funds were truly necessary to hold elections, and how much simply served to enrich foreign organizations. As per University of Virginia professor Robert Fatton, the desire of the U.S to withdraw $2 million from the 'election basket' might be a sign that it is prepared to delegitimize the forthcoming elections if the results do not coincide with its interests.

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Here is a picture of La Gonave.

The former President Michel Martelly had made a plan with an unknown institution to transform the La Gonâve Island into an International Financial Center with three official languages: English, French and Creole. As per the plan, an area of 100 square kilometers within the 743 square kilometer Island of Gonâve will be transformed into a sustainable green island community consisting the following projects. (a) renewable energy project, Jatropha farm and biodiesel plant that would employ over 18,000 Haitians; (b) luxury estate housing; (c) waterfront villages; (d) international and private airports; (e) industrial city with deep sea port; (f) all inclusive destination resorts with spas, golf courses and casinos; and (g) home port for large cruise ships. The agreement withholding the description of financial institution was made public by an Executive order issued by the Martelly government on January 7, 2016. The private entity will be empowered to build necessary infrastructure as per the requirement of the project and collect revenue to cover their investment. The plan was originally conceptualized in September 2010. It was a surprising fact that a public disclosure of such status was unknown outside of the principles involved.

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Here is a picture of Jean Baden Dubois who became the new BRH governor, replacing Charles Castel.

By a Presidential Order dated 23 November 2015, which has been released on December 17, 2015, John Baden Dubois became the new Governor of the Bank of the Republic of Haiti, replacing Charles Castel. Prior to this appointment, Jean Baden Dubois was acting as the CEO of the bank. In 1991, Charles Castel joined BRH as an advisor to then Governor of the bank. Thereafter, serving in various capacities, namely General Counsel, Director of Banking Supervision and General Director, he became the Governor of the bank in 2007 and served till December 2015. Castel was instrumental in spearheading the government's successful privatization program. As per the presidential decree, the reconstitution of the board was necessary "Considering the temporary dysfunction of the Legislative Power" and "to ensure the regular functioning of institutions and government agencies". The new council of BRH would be composed as follows: Jean Baden Dubois: Governor; Georges Henry Fils: Vice-Governor; Georgette Jean Louis: Director General; Kurdy Larèche: Member.

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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.

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Here is a picture of Haiti Central Bank Governor, Mr. Charles Castel. He is not concerned Gourde is losing Value.

Charles Castel, Bank of the Republic of Haiti Governor, is responding to worries the Haitian gourde is losing value too quickly. According to him, "There is a gross reserve of $2 billion (US), and $1.2 billion net ". in the state's reserve"

He reports "indicators are not too alarming (but also) . . . we cannot be complacent to say everything is fine . . ." Is this reassuring to Haitians withdrawing money and sending it overseas?

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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.

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Here is a picture of Haiti National Bank that was established under the presidency of Lysius Salomon

One of Haiti's past presidents has the legacy of being one of the most productive of the line in the both past and present. He was President Lysius Salomon, who lived from 1815 to 1888, and ruled the country from 1879 until just months before his death. From a wealthy family in Les Cayes, Salomon was privy to a good education that left him with the right background to become Minister of Finance under Faustin Soulouque following a brief exile of his family to Neyba. His role in this capacity would result in his second exile, to Europe, because of the piracy and smuggling that came out of the administration's rule.

When he returned to the country in August of 1879, Salomon was made president, and he made quick work of establishing the National Bank. The following year he was able to resume the debt payment owed by Haiti to France. The early years of his rule saw great advancements in Haiti as he sought to raise the country's productivity and education level, strengthen its overall economy and even boost its army.

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Despite recent news that the value of the Haitian gourde was depreciating at a rapid rate, Governor of the Central Bank, Charles Castel, remains convinced that the dollar will not touch 50 gourdes by the end of 2014, though the month is still young, and the dollar is already at 47 gourdes. His reason for thinking this is that December and the season represent a time when foreign remittances will be high. Apart from certain steps being taken by the bank to stop the process, the call has gone out for a ramp up in the production of local goods to reduce the import bill.

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The financial institution in Haiti Sogebank is in a situation at its branch in Leogane. There is a major protest by the population of Leogane after the disappearance of 2,144,000 gourdes at Sogebank in Léogâne.

Sogebank Theft of $2,144,000 Gourdes Causes Violent Protests

Sogebank is being vilified by the Léogâne community, which staged violent protests after a Sogebank teller was arrested for embezzling $2,144,000 gourdes. They claim the teller is innocent.

Sogebank turned the case over to the Central Directorate of the Judicial Police, who arrested the teller. The Port-au-Prince Prosecutor's Office obtained a warrant and remanded the teller to the National Penitentiary.

Sogebank has released administrative/legal records to show the teller was arrested, based on co-worker interviews at the Léogâne branch

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