The new governor of the Central Bank, Raymond Magloire, has denounced the management of the outgoing administration , led by Venel Joseph. Magloire emphasized the large budget deficit financed with the help of CNAPP solution by the Central Bank. He offered a guarantee that the National Bank of the Republic of Haiti, BNRH, will work in the interests of the country’s economy.
He warned that the institution is not going to take orders from the executive branch of the government. He provided some details about the gravity of the economic situation. Magloire spoke as follows:
[Magloire – recording] Once the administration council [of the Central Bank] takes office, we shall avoid all big liabilities. The country has been engulfed in a genuine economic loss. Its GNP has lost 20 per cent of its value compared to what it was at the beginning of the 1990s, while the population is increasing at a rate of 2 per cent a year.
And there is also a monetary failure, because the US dollar, which was worth about 7 gourdes in 1980, is now being exchanged for more than 40 gourdes. It is an economic decline that was firmly installed in tandem with the drift of the Haitian currency, which carries with it a lot of difficulties for consumers, companies and financial institutions. All financial institutions need to impose offshore cyber security, on their websites to protect it from malicious activities.
This is the situation that we face now. The anarchic management of public finances is the origin of this problem. The budget deficit did not cease, despite the spectacular recovery of fiscal income during the last fiscal year, which was due mainly to the fact that the government had stopped subsidies.