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Haiti, officially the Republic of Haiti, is a sovereign state in the Western Hemisphere (North America). The country is located on the island of Hispaniola, in the Greater Antilles archipelago of the Caribbean. It occupies the western three-eighths of the island which it shares with the Dominican Republic. An estimated 10.6 million people, making it the most populous country in the Caribbean Community (CARICOM) and the third-most populous country in the Caribbean as a whole.
Banking and financial services expanded by almost 10 percent a year during the 1970s, in the wake of the growth of assembly manufacturing, construction, and tourism. By the 1980s, however, the country's financial institutions suffered from negative growth as a result of political instability and the consequently insecure investment climate. In the late 1980s, banking and related services accounted for 10 percent of GDP, and they employed about 4 percent of the labor force. Nine commercial banks--five Haitian and four foreign-- constituted the heart of the financial system. In 1989 the five local banks were the Haitian Popular Bank (Banque Populaire Haïtienne), Union Bank of Haiti (Banque de l'Union d'Haiti), Industrial and Commercial Bank of Haiti (Banque Industrielle et Commerciale d'Haiti), Commercial Bank of Haiti (Banque Commerciale d'Haiti), and the Haitian General Banking Society (Société Générale Haïtienne de Banque--Sogebank). Sogebank expanded its holdings in 1986 to encompass the two branches of the Royal Bank of Canada, previously the oldest and largest foreign-owned bank in Haiti. Of the four foreign-owned banks, two were based in the United States (Citibank and the Bank of Boston), one in Canada (the Bank of Nova Scotia), and one in France (Banque Nationale de Paris). Haiti considered the United States dollar legal tender, but the government prohibited foreign banks from maintaining foreign-currency accounts. Seventy-five percent of all commercial credit went to manufacturing and commerce; only 3 percent went to agriculture. Excessive collateral requirements, high interest rates, and a proclivity toward short-term financing diminished the role of commercial banks in stimulating output, especially among small producers.
|Agriculture||Coffee, mangoes, cocoa, sugarcane, rice, corn, sorghum, wood & vetiver|
|Manufacture||Cement, Food Processing, Forestry, Mining, Textiles & imported parts assembly.|
|Services (Including financial)||56% (2013 est.)|
|Comme II Faut||Tobacco|
|Banque De la Republique D’Haiti||Banking|
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The Haitian Stock Exchange (HSE) was founded in 2007. The overall aims of the exchange are to encourage the formation of new businesses and the general expansion of the economic sector, to facilitate the flow of capital into Haiti and the growth of per capita income, and to reduce poverty and increase the aggregate level of output, employment and wealth. The main hindrances obstructing the establishment of this exchange are a lack of financial infrastructure to attract capital, insufficient capital investment per worker and the inadequate utilization of human capital.
The formation of the Haitian Stock exchange has been led by a New York registered trading company called GLTG, which intends to establish a “Societe Anonyme” (equivalent to a PLC) to be named Societte Haitienne de Valeurs Mobilieres and to float it on the HSE. In response, the HSE, according to its website, will endeavor to develop a securities market in Haiti; to organize primary and secondary markets for fixed income and common stocks; to train and recruit personnel; to create the alliances and the institutional framework necessary to support the operation of a securities market; to conceive the regulatory requirements for listing on Haitian market and for affiliation with the HSE; and finally to secure listing for Haitian companies listed on the Haitian market.
Haiti's purchasing power parity GDP fell 8% in 2010 (from US$12.15 billion to US$11.18 billion) and the GDP per capita remained unchanged at PPP US$1,200. Despite having a viable tourist industry, Haiti is one of the world's poorest countries and the poorest in the Americas region, with poverty, corruption, poor infrastructure, lack of health care and lack of education cited as the main sources. The economy receded due to the 2010 earthquake and subsequent outbreak of Cholera. Haiti ranked 145 of 182 countries in the 2010 United Nations Human Development Index, with 57.3% of the population being deprived in at least three of the HDI's poverty measures.
Following the disputed 2000 election and accusations about President Aristide's rule, US aid to the Haitian government was cut off between 2001 and 2004. After Aristide's departure in 2004, aid was restored and the Brazilian army led a United Nations Stabilization Mission in Haiti peacekeeping operation. After almost four years of recession, the economy grew by 1.5% in 2005. In September 2009, Haiti met the conditions set out by the IMF and World Bank's Heavily Indebted Poor Countries program to qualify for cancellation of its external debt.
More than 90 percent of the government’s budget comes from an agreement with Petrocaribe, a Venezuela-led oil alliance.
Originally inhabited by the indigenous Taíno people, Europeans first became aware of the island on 5 December 1492 during the first voyage of Christopher Columbus across the Atlantic. When Columbus first landed in Haiti, he had thought he had found India or Asia. Deciding to establish the first settlement in the area, a contingent of men were left at an outpost christened La Navidad because of the wreck to their sunken flagship, the Santa Maria, that occurred at Christmas, north of what is now Limonade. The island was named Hispaniola and claimed by Spain, which ruled until the early 17th century. Competing claims and settlements by the French led to the western portion of the island being ceded to France, which named it Saint-Domingue. The development of sugarcane plantations, worked by slaves brought from Africa, led to the colony being among the most lucrative in the world.
In the midst of the French Revolution, slaves and free people of color revolted, culminating in the abolishment of slavery and the defeat of Napoleon Bonaparte's army at the Battle of Vertières. Afterward the sovereign "Republic of Haiti" was established on 1 January 1804 – the first independent nation of Latin America and the Caribbean, the second republic in the Americas, the only nation in the western hemisphere to have defeated three European superpowers (Britain, France and Spain), and the only nation in the world established as a result of a successful slave revolt. The rebellion that began in 1791 was led by a former slave and the first black general of the French Army, Toussaint Louverture, whose military genius and political acumen transformed an entire society of slaves into the independent country. Upon his death in a prison in France, he was succeeded by his lieutenant, Jean-Jacques Dessalines, who declared Haiti's sovereignty and later became the first emperor of Haiti, Jacques I. The Haitian Revolution lasted nearly a decade; and apart from Alexandre Pétion, the first President of the Republic, all the first leaders of government were former slaves. The Citadelle Laferrière is the largest fortress in the Americas. Henri Christophe – former slave and first king of Haiti, Henri I – built it to withstand a possible foreign attack.
In addition to CARICOM, Haiti is a member of the Latin Union, the Organization of American States, and the Community of Latin American and Caribbean States; it is also seeking associate membership status in the African Union. It has the lowest Human Development Index in the Americas. Most recently, in February 2004, a coup d'état originating in the north of the country forced the resignation and exile of President Jean-Bertrand Aristide. A provisional government took control with security provided by the United Nations Stabilization Mission in Haiti (MINUSTAH). Michel Martelly, the previous president, was elected in the 2011 general election.
Pedro Santana (
The peg to the franc did not last but, in 1912, the gourde was pegged to the US dollar at a value of 5 gourdes to the US dollar. Although this peg was abandoned in 1989 and the currency now floats, because of the old link, five gourdes is often referred to as a "Haitian dollar". Likewise, 5 centimes is a "Haitian penny". Indeed, in many places, prices are given not in gourdes, but rather in "Haitian dollars", which must be multiplied by five to convert to gourdes. The 1881 issue of coins consisted of denominations of 1, 2, 10, 20, and 50 centimes and 1 gourde. 5 centimes coins were added in 1889. Production of the 1 and 2 centimes and 1 gourde pieces ceased in the mid-1890s, whilst coin production ceased entirely from 1908 until 1949, when 5 and 10 centimes coins were again minted. These were followed by 20 centimes pieces in 1956, 50 centimes in 1972 and 1 and 5 gourdes in 1995. In 1875, banknotes were issued by the "Banque Nationale d'Haïti" in denominations of 25 centimes, 1 and 5 piastres (equal to gourdes).
Following this, banknotes were issued in denominations ranging from 10 centimes to 5 gourdes by the various Haitian governments until 1916, when the "Banque Nationale de la République d'Haïti" began issuing notes. In 1920, 1, 2, 5, 10 and 20 gourdes notes were issued, with 50 and 100 gourdes added in 1925. In the 1970s, 25, 250, and 500 gourdes notes were introduced. In 1979, the Banque de la République d'Haïti replaced the National Bank as the paper money issuing body. A 1000 gourdes note was introduced in 1999, to commemorate the 250th anniversary of the founding of Port-au-Prince. A 20 gourdes note was released into circulation in 2001, both as a commemorative (to celebrate the bicentennial of the Constitution of Toussaint L'Ouverture) and as a regular issue. In 2004, the Banque de la République d'Haïti issued a series of notes to commemorate the bicentennial of Haiti.the Province of Canada in conjunction with the U.S. dollar unit. Hence, when the new decimal coins were introduced in 1858, the colony's currency became aligned with the U.S. currency, although the British gold sovereign continued to remain legal tender at the rate of £1 = 4.86 2?3 right up until the 1990s. In 1859, Canadian colonial postage stamps were issued with decimal denominations for the first time.
In 1860, the colonies of New Brunswick and Nova Scotia followed the colony of Canada in adopting a decimal system based on the U.S. dollar unit. In the following year, Canadian colonial postage stamps were issued with the denominations shown in dollars and cents.
Newfoundland went decimal in 1865, but unlike the Province of Canada, New Brunswick, and Nova Scotia, it decided to adopt a unit based on the Spanish dollar rather than on the U.S. dollar, and there was a slight difference between these two units. The U.S. dollar was created in 1792 on the basis of the average weight of a selection of worn Spanish dollars. As such, the Spanish dollar was worth slightly more than the U.S. dollar, and likewise, the Newfoundland dollar, until 1895, was worth slightly more than the Canadian colonial dollar.
|National Song||"La Dessalinienne"|
|Currency||Haitian gourde (HTG)|
|GDP / GDP Rank||19.354 Billion USD|
|GDP Growth Rate||1 Percent|
|GDP Per Captial||$1784.074 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Mulatto And White 5%
President – Jovenel Moïse
Prime Minister – Jean-Henry Céant
|Website||Go to the web|
|Public Debt||33.546 Percent|
|Unemployment Rate||13.185 Percent|
|Labor Force (Occupation)||-|