money transfer

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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If there is one sector in Haitian life that is expected to pay the bills but not to be represented it is none other than the Haitian Diaspora.

Until recently with the amended Constitution, Haitians living in the Diaspora was not able to participate in Haitian politic.
However, this same group is expected to respond financially whenever there is a need.

In a report released in 2013, the amount of Remittances received by the countries in Latin America and the Caribbean are important sources of income.

According to the Multilateral Investment Fund (MIF), remittances represent more than 10% of the gross domestic product in Haiti

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The way your family use to receive money from you will likely be changed. According to information received, in 2012 all money transfer agencies will be required to pay only in Gourde. The Haitian government has decided to take chage of its finance and one of its objectives is to promote the haitian gourde

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