Money : Most of the Diaspora money entering Haiti leaves the country in a heartbeat

One of the number ONE way that money enters Haiti is via money transfers from the Diaspora to their family and friends but can you believe how fast that money leaves Haiti through its borders with the Dominican Republic and to other countries?


CAM Money Transfer - Haiti

The other day I heard a journalist taking about the amount of money that comes into Haiti in the form of money transfers. It's in the billions. The same Haitian journalist said that more than 24 percent of that money goes straight to the Dominican Republic.

How?

You didn't know? Most of the US Dollars coming into Haiti are leaving the country through the Dominican Republic.

Most Haitians businessmen who head to the Dominican Border to purchase goods made in the Dominican Republic to resell in Haiti make these purchases in U.S. dollars.

When someone from the Diaspora send money to a Haitian in Haiti, that money is exchanged for Haitian currency and almost everything it purchases are things imported from a foreign country. That of course means, within a few steps the money goes right back out of the country.

Let's say you buy cement blocks which is made locally, the cement used to make these blocks is imported from the Dominican Republic.

Let's say you purchase fruits and vegetables for the local market place. The person from the countryside selling these fruits and vegetables purchases imported rice, imported spaghetti, tomato paste, seasoning, canned milk, cooking oil, all imported from another country.

Not only that... The U.S. Dollar you just sold to the "kanbiz" in exchange for your Haitian gourdes is sold right back to a merchant looking for "dola" to make purchase and replenish his/her "depo"

Need I say more?

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Tags: Haiti Diaspora News, Money, Saving Money, Money Transfer to Haiti, Haitian Diaspora, Haitian Newsletter Articles, Community, Money and Finance

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All Comments (1)

Yanick says...

Yes it must stop! The tariffs laws must

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