Jameson Duperval
Port-au-Prince, May 15, 2026.- In an intervention granted to Magik 9 this Friday, the economist Jameson Duperval analyses the limits of BRH bonds in the Haitian financial system. It highlights an increasing dollarization of the economy, where more than 52 per cent of financial assets are now backed by the US dollar. According to him, low confidence in the gourd, rising diaspora transfers and the absence of a structured financial market prevent savings in national currency from developing. It calls for a far-reaching reform, including the digitalisation of distribution via payment services and the creation of a genuine secondary market for public securities.
In his analysis, Jameson Duperval describes a Haitian financial system that is increasingly dependent on the dollar. He pointed out that foreign currency deposits almost doubled between 2020 and 2025, from 191.0 billion to 379.1 billion gourdes equivalent, now accounting for more than half of the country's financial assets.
According to him, this evolution reflects less a simple choice of savers than a gradual loss of confidence in the gourd as a reserve of value. The dollar thus becomes a currency of refuge, used not only for international transactions, but also as a savings and protection against economic instability.
The economist also highlights the central role of diaspora transfers in this dynamic. Between 2019 and 2025, remittances increased from $2.979 billion to $4.435 billion, an increase of almost 49%. These flows are a major source of foreign exchange and reinforce the dollarization of the Haitian economy.
Duperval explains that recent reforms in the transfer system have also helped to direct some of the funds towards bank deposits in dollars, further increasing reliance on the foreign currency banking system.
In monetary terms, he described a vicious circle of concern: mistrust of the gourd fueled the demand for dollars, which led to a depreciation of the national currency, which in turn reinforced the same mistrust. For him, this mechanism makes simple interest rate adjustments ineffective.
In this context, the economist believes that BRH bonds remain a marginal instrument. It is critical of an incomplete ecosystem, with no secondary market, low liquidity and limited distribution.
To address these weaknesses, Jameson Duperval proposes to involve more payment service providers such as MonCash or NatCash in the distribution of public securities. In his view, this approach would make it possible to democratize access to gourd savings and to include a population largely excluded from the traditional banking system.
However, it stresses the need for strict supervision in order to avoid drifts, particularly in terms of transparency, protection of users and separation of funds.
In conclusion, the economist believes that BRH bonds can only play a structuring role if they are part of a comprehensive reform of the financial system. This means restoring confidence in the gourd, creating a functional financial market and better linking the central bank, commercial banks and digital players.
Without these transformations, he warned, the Haitian system will continue to operate under the domination of the dollar, limiting any ambition of monetary sovereignty.
W.A.
