Les objectifs et instruments de la politique monétaire en Haïti (2020-2025)

Abstract

This chapter presents the conventional mandates of the Banque de la République d’Haïti: price stability, exchange-rate stability, banking-system soundness, and indirect support for growth. It shows, however, that these objectives acquire a specific meaning in a country shaped by informality, partial dollarization, dependence on external transfers, and weak productive capacity. The chapter reviews the main instruments used by the BRH between 2020 and 2025: policy rates, reserve requirements, foreign-exchange interventions, and BRH bonds. It argues that these instruments, while technically coherent in a stabilized economy, generate limited or contradictory effects in Haiti. Defending the gourde and controlling liquidity may temporarily reduce nominal pressures, but they can also constrain credit, weaken investment, and widen the gap between monetary stability and real development.