Haiti - Economy : New Law on the Regulation of Financial Institutions in Haiti
The Senators have voted unanimously this week, a new law on the regulation of banks and other financial institutions in Haiti. According to Senator Jocelerme Privert, President of the "Finance and Budget Committee," this law, which included the protection of interests of depositors and bank secrecy, also responds to the need to update the outdated framework of supervision of a banking system, who has undergone significant changes over the past 25 years.
Key sectors of national life were consulted before the update of this law whose the Ministry of Economy and Finance, the Central Bank, the Office of the Prime Minister as well as private sector stakeholders such as the Professional Association of Banks (APB), the Haitian Association of Economists (AHE) and the Group Croissance.
The Senator stressed the need for commercial banks to offer better services to their customers. Another issue addressed in this new law: the security of depositors. "It is necessary that private banks guarantee the safety of their customers both inside as around their premises"
This new law as soon as promulgated by the President Martelly, will repeal the decree of November 14, 1980 previously applied in the country. It opens many financial perspective and is designed to strengthen the regulatory capacity of the Bank of the Republic of Haiti (BRH).
