Haiti Financial System Stability Assessment
- Haiti's financial system plays a limited role in supporting economic growth.
- Financial sector data is generally adequate, but unavailability of some statistics has weakened the analysis.
- Banking soundness indicators are currently favorable, but financial stability is subject to macroeconomic risks.
- New banking law addresses major weaknesses in banking supervision.
- Basic regulatory and supervisory frameworks for nonbank financial institutions need to be introduced.
The Financial System Stability Assessment (FSSA) on Haiti, prepared by the IMF and World Bank, reveals that Haiti's financial system plays a limited role in supporting economic growth due to weaknesses in legal and institutional frameworks, security issues, and high reserve requirements. The report emphasizes the need for a new banking law to strengthen supervision, basic regulatory frameworks for nonbank financial institutions, and measures to address dollarization and safeguard the BRH's financial independence. Key priorities include improving insolvency and creditor rights, accounting and auditing practices, and payment systems.
How to cite
International Monetary Fund (IMF), 2008, Haiti Financial System Stability Assessment, https://www.imf.org/external/pubs/ft/scr/2008/cr08112.pdf