BRH Monetary Policy Note
Summary: This note from the Banque de la République d'Haïti (BRH) reviews monetary policy decisions and economic conditions in Haiti for the fourth quarter of 2017. It discusses inflation, exchange rate dynamics, and interventions by the BRH to manage liquidity and stabilize the gourde.
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 due to improved local food supply, despite monetary financing and gourde depreciation.
- The BRH maintained its key interest rates unchanged.
- The BRH intervened in the foreign exchange market to smooth fluctuations and maintained a reserve level equivalent to approximately 5 months of imports.
Full Description
This monetary policy note from the Banque de la République d'Haïti (BRH) analyzes the macroeconomic environment and monetary policy decisions made during the fourth quarter of 2017. It covers key economic indicators such as inflation, exchange rates, and the balance of payments. The note details the BRH's interventions in the foreign exchange market, adjustments to reserve requirements, and open market operations aimed at managing liquidity and maintaining price stability. It also provides an overview of the international economic context and its implications for Haiti's monetary policy.
How to cite
Bank of the Republic of Haiti (BRH), 2018, BRH Monetary Policy Note, https://www.brh.ht/wp-content/uploads/2018/08/note_polmon3t18.pdf