This site has information about banks, not the official site.
Bank of the Republic of Haiti (French: Banque de la République d'Haïti, BRH)
is the central bank of Haiti.
The oldest reference relating to the establishment of a bank in Haiti the
shortly after independence remains on this date a short correspondence exchanged
during September 1825 between a foreign tradesman, Mr. Nicolas Mr. Kane, and the
Secretary of State Balthazar Inginac. It was about a proposal made by Mr. George
Clark in the name of a German group, Hermann Hendrick and Co., to establish a
bank in Haiti.
In spite them advantages which the creation of such an institution for the
country could represent which had been completely devastated during 15 years of
war of independence, the proposal did not lead. It should especially be
understood that at the time, any form of foreign presence on this ground which
had just conquered of former slaves was inconceivable. It does not remain about
it less than one bank could facilitate the process of mobilization of the
resources necessary to the refunding of the important allowance that the Haitian
government, by signing the ordinance of Charles X, had been committed paying in
France in recognition of national Independence.
In 1826, president Jean-Pierre Boyer thought of the creation of a financial
institution which was to issue banknotes, thus allowing to withdraw the cash of
circulation to employ it to deaden the debt. Such was the object of the law of
April 26, 1826 which created the Bank of Haiti whose statutes were partly
inspired by those of the Bank of France. With a capital of six million gourds,
its principal activities were to be the discount of the titles of trade to two
signatures, 90 days of expiry and the rate of 6% maximum. This bank was born
never.
The project was taken again at the time of the final agreement with France on
the methods of refunding of the debt. On July 5, 1838, the House of Commons
accepted from the President a new bill which was never voted to the session
closure.
About the middle of September 1838, private individuals, with “the approval of
the government”, vainly tried to create a Bank Agricultural, Industrielle and
Commercial. This one was to establish branches with Jérémie, Cayes, Jacmel,
Santo Domingo, St Yague, in Oporto-Plata, in the Haitian Cape and Gonaïves. (It
should be remembered that Boyer controlled the whole island). The capital was
fixed at 500,000 gourds divided into 5,000 actions. According to its statutes,
the bank could begin its operations as soon as 1,000 actions were subscribed.
Unfortunately, only 619 actions were subscribed.
In 1859, under the government of president Fabre Nicolas Geffrard, a new law was
voted by the Legislative Body for the purpose of creating a bank. Fault of
financial means, the project remained dead letter.
Fifteen years later, this purely legislative stage was going to be exceeded. To
October 1874, the Haitian government granted by authenticated contract to
certain Lazarre, of American nationality, a concession for the National banking
establishment of Haiti with an authorized capital of three million piastres, in
the proportion of a third for the government and of two thirds for the dealer.
The duration of the concession was thirty years to the expiry of which the
company would become Haitian state-owned property.
The installation of the first stone on June 8, 1875 gave place to “imposing
ceremonies”. Work was carried out with a fast pace and, on September 1, 1875,
according to terms' of the contract, the room was ready. But the institution
could not open its doors because of a three months adjournment requested by the
dealer in order to enable him to carry out certain letters of credit of which he
said himself carrying.
Forty five days were granted to him and the opening of the bank was returned to
October 15. Few days before the expiry of the new time, Mr. Lazarre proposed to
carry out his payment treats some rather than in cash. Its proposal naturally
was disallowed. At the fixed date, the government deposited in the safe deposits
of the bank 500,000 piastres, representing half of its quota, and summoned by
act of usher Mr. Lazarre to fill his engagements. This setting in residence
remained without effect and, at the end of the day, an official report noted the
failure of the dealer; the contract was terminated. Gouverment then decided to
address itself to the Haitian public to obtain the complement of financing.
Invited to subscribe by the minister Septimus Branch, the principal tradesmen of
the place were reticent. The official ones of the government then undertook to
call upon the patriotism of the Haitians of all the social layers by inviting
them to transform their saving into actions of the bank. The President of the
Republic and the ministers gave the example by devoting one month of their
treatment to it. The members of Parliament and the civils servant were carried
to imitate them. However, the revolution which reversed the government of Michel
Domingue carried the project of creation of the bank whose funds and furniture
were plundered. The room had thereafter very an other destination.
This bank occupied part of the current site of the Cathedral of
Port-with-Prince. In 1898, the Badère General made gift of a ground of her
property of the Green Field (current Commercial Poste) for the erection of a
vault in the honor of Saint Antoine de Padoue. The Pouplard father solicited of
the Mr., Minister of Interior Department of then Tancrède Auguste, the old
building. Its request was approved and, on March 20, 1900, the Council of the
Secretaries of State authorized it to demolish the old Domingue Bank in order to
use of them materials for the erection of the current church of Saint Antoine to
the Pouplard avenue.
It was necessary to await the arrival with the capacity of president Lysius
Félicité Solomon Jeune to see the country obtaining a true banking institution.
Indeed, on July 30, 1880, the Haitian Minister for Finances, Charles
Laforesterie, signed in Paris a contract granting to the General Company of
Industrial and Commercial Credit the concession of the National Bank of Haiti.
According to terms' of this contract, the new bank enjoyed the exclusive
privilege of emission of tickets. It could also carry out all the commercial
deals of bank and ensure the service of the treasury.
As soon as the National Bank of Haiti began its operations, the public expressed
one surprising hostility in its connection. It was reproached to him for not
contributing to the economic starting which the country expected and which was
long in being concretized. Its activities were limited primarily to the
speculation on the exchange and advances with the government.
The principal leader of the adversaries of the bank was Frederic Marcelin.
During a score of years, it supported that this one was to make credit with the
production or to disappear. In spite of many scandals and a lawsuit recognizing
the culpability of its leaders in bad management of the debt of the government,
the institution preserved its privileges of emission and trésorière of the
State. No means, not even an opposition of the Room, managed to take by storm
this “bastille financial”.
In September 1893, Frederic Marcelin, then Minister for Finance of the
government of Florvil Hyppolite, filed in with the Room a bill authorizing the
creation of one second bank, the Bank of Port-with-Prince. The concession was
granted to a group of businessmen of the country which was committed to provide
a million dollars, representing half of the authorized capital, and reserving
for the State a participation in the property, the management and the profits of
the company. It was in charge of the floating debt servicing, of the striking of
the coin, the discount of the drafts and of the values assigned to the payment
of the foreign debt, the sale of mobile stamps, etc It could also exert the role
of bank of emission, but by issuing refundable gold tickets having a “optional
course”.
The National Bank of Haiti protested against this project which violated the
terms of its contract of concession. The deputies opposed to this “dualistic
system” voted an amendment extending to any bank which, in the future would be
created in Haiti, the privileges conceded at the Bank of Port-with-Prince.
Following this vote, the minister carried out the withdrawal of his project.
The business of the consolidation, the withdrawal of the service of the
treasury, the reduction of the interest rates of the interior loans, the
political disturbances and, especially, the absolute opposition of the president
Nord Alexis against the foreign loans, considered as a direct threat against
national Independence, had weakened the young institution much. In October 1910,
the contract of concession was terminated in favour of a consortium made up of
French, Germans and Americans for the creation of a new bank: the National Bank
of the Republic of Haiti (BNRH).
At the beginning of the year 1911, the government of president Antoine Simon
signed with Mr. George Neuba, old National bank manager of Haiti and
representative of a group of Belgian capitalists, a new contract for the
creation of the Agricultural and Industrial Bank of Haiti. The contract,
deposited by front the Legislative Rooms, was never sanctioned until the arrival
with the capacity of the government of Cincinnatus Leconte whose requirements
discouraged the investors.
The BNRH continued its operations until 1934, under the shared direction of the
Americans and the Haitians. In 1947, it became entirely Haitian, ensuring all
the financial services of the State. Establishment in Haiti, in the current of
the Seventies, several private banks, with capital as well foreign as domestic,
obliged the BNRH to take new orientations. It was replaced in 1979 by two
autonomous and independent financial institutions: the National Bank of Credit
(BNC), filling the functions of commercial bank, and the Bank of the Republic of
Haiti (BRH), playing the part of central bank.
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