80 percent of all U.S. dollars exchanged in Hinche Haiti goes to the Dominican Republic

Can you believe this? Most of the US Dollars coming into Haiti are leaving the country through the Dominican Republic. 80% of all U.S. dollars exchanged in the city of Hinche Haiti goes to the Dominican Republic. I just heard this most shocking news from someone who is in the business of exchanging currency in the Centre Department of Haiti.

Currency: Haitian Gourde, US Dollar, Domincan Peso
Currency: Haitian Gourde, US Dollar, Domincan Peso

I was so surprised when the man told me that I asked him:

Are you talking about the 80% of the money that YOU exchange or are you talking about the city's entire currency exchange market in general?

Here relied firmly:

"Let me say it again, 80 percent of all of the U.S. dollars exchanged in this city goes towards the Dominican border to purchase good from Dominican business owners at the border"

In other words most of the US dollars in circulation in Haiti are leaving Haiti, a country whose currency is the gourde, to go to the Dominican border in exchange for bags of rice, bags of flour, spaghetti, tomato paste and other products that could have been manufactured right here in Haiti. And you wonder why the Haitian gourde is losing so much value.

People are not exchanging US dollars to buy airplane tickets to go to the United States. Far from it, they are exchanging Haitian gourdes for US dollars to go to make purchases in the Dominican border.

Why you asked?

Here is your answer...

During my discussion the "kanbiz" (the currency reseller), a "commercant" (a merchant) came in looking for some U.S. dollars in exchange for her Haitian gourdes and she told us: "I make a better deal with the Dominicans at the border I purchase in U.S. Dollars than if I purchase in pesos. I make more profit."

What about the rest of the country? The man told me, in Cap-Haitien it is even worse, virtually every US dollar that lands in Cap-Haitien goes to the Dominican Republic.

If you are an economist reading this, perhaps you explain to our readers what are the long term effects for both countries with this type of exchange going on.

What do you think about that?

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Tags: haiti currency, Money, Dominican Republic, Money Transfer to Haiti, The Haitian Dollar, Haitian Newsletter Articles, Dominican Republic, Business, Money and Finance

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All Comments (1)

Sem Moise Philippe says...

This is an interesting subject, Woodring.

I would suggest that you text or call "Radio & Tele Metropole".

They have an economist department which would be glad to assist in this matter of National security & community dimension.

Otherwise, would you be able to chat with them if you Google the site in Haiti?

Let me know about your finding! With my regards...

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