BRH Monetary Policy Note (2018-Q2)

Banque de la République d'Haïti • 2018 • 12 pages

Summary — This note from the Banque de la République d'Haïti (BRH) discusses monetary policy in December 2017. It reviews the macroeconomic environment, decisions on monetary policy, and future perspectives.

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Key Findings

The macroeconomic environment was marked by an increase in the exchange rate in late October 2017.
The BRH reinforced its policy of systematically absorbing excess liquidity through increased reserve requirements and BRH bond offerings.
Inflation slowed despite monetary financing and gourde depreciation due to improved local food supply.
The Fed raised its key interest rates by 25 basis points.
The BRH maintained a level of gross foreign exchange reserves equivalent to about 5 months of imports.

Full Description

This monetary policy note from the Banque de la République d'Haïti (BRH) analyzes the macroeconomic context and monetary policy decisions made in December 2017. It examines the evolution of inflation, exchange rates, and monetary aggregates, both in Haiti and internationally. The note also discusses the BRH's interventions in the foreign exchange market and its efforts to manage liquidity in the banking system. Finally, it presents the perspectives for monetary policy in the coming months, considering factors such as government spending, seasonal effects, and external shocks.

Topics

Geography

Time Coverage

2017 — 2017

Keywords

monetary policy, inflation, exchange rate, economic conditions, Haiti, BRH, Banque de la République d'Haïti, monetary aggregates, interest rates, foreign exchange reserves

Entities

BRH, Banque de la République d'Haïti, Fed, BCE, Banque Centrale Européenne, Réserve fédérale américaine