iciHaiti - Transfer in dollars : The BRH temporarily suspends two provisions of Circular 114-3

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iciHaiti - Transfer in dollars : The BRH temporarily suspends two provisions of Circular 114-3
05/10/2022 10:25:13

In a note dated October 3, 2022, the Bank of the Republic of Haiti (BRH) announces its decision to "put on hold" 2 provisions of Circular 114-3 concerning the payment of transfers in US dollars.

The BRH authorizes transfer houses and banks to proceed as before. "The obligation to effect transfers to savings accounts only which is contained in the first sentence of the second paragraph of section 1.1. As a result, dollar account transfers will continue to process as before until the expiration of the on hold period."

The BRH also suspended the provision concerning the sale of currencies in Circular 114-3 which required sub-agents to negotiate the 30% received in US dollars exclusively with a foreign exchange intermediary (Bank, exchange office and any other designated entity by the BRH).

The application of circular 114-3 is partially effective from Monday, October 3rd, 2022 for a period of 3 months in order to grant authorized transfer agents the time necessary for the development and implementation of control tools for the full application of circular 114-3.

IH/ iciHaiti