The U.S. Embassy in Port-au-Prince announced the raising of the exchange rate for services, for the second time in 5 months, now setting it at 48 HTG to 1 U.S. Dollar. The Embassy said it was obliged to set an exchange rate slightly above current market value in order to offset local inflation and to ensure recovery of the true cost of providing consular services to customers. The rate speculation of the U.S. Embassy, after having raised in February 2014, the exchange rate from 44 to 46 and now from 46 to 48 HTG to the U.S. dollar, seems to disagree with numbers suggesting that the rate of inflation was decreasing along with a 4.3% economic growth in 2013. Theories suggesting Haiti is currently experiencing an economic bubble, one built on many over-priced construction projects, may have their credence. Many construction projects have slowed down or halted in the past year due to difficulty to pay for their completion. For the record, the Martelly administration began in 2011 with a 40 - 41.5 HTG real exchange rate to the U.S. dollar.
Posted on: Sat, 26 Jul 2014 18:22:36 +0000
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