Haitian banks suspend operations

The Haitian banking industry association has announced that the country’s commercial banks would close from September 15 amid mass protests. The association said the closure was “for the sake of the security of employees”, according to reports in Haitian and Dominican media.

A wave of demonstrations broke out in the country after the Haitian government announced an increase in fuel prices earlier in the week. The fuel protests are the latest public outcry amid deteriorating conditions, including rampant gang violence in the capital Port-au-Prince.

Protesters have attacked bank branches. Haitian paper Le Nouvelliste reported on September 14 that the Canadian, French and Spanish embassies had closed. The Dominican embassy has also ceased operations.

The central bank measured year-on-year consumer price index inflation at 30.5% in July. In August, US public broadcaster Voice of America quoted central bank governor Jean Baden Dubois saying that inflation was at its worst levels in 10 years. Dubois, who has been governor since December 2015, predicted the economy would shrink by 0.4% in 2022.

The Haitian currency has also depreciated markedly since the start of the year, falling from about 100 gourdes to the dollar to more than 130 in August. The central bank has intervened in the markets, selling $150 million, and the exchange rate is now below 120 to the dollar.