Haitian economist lashed out at separation of banking and productive
19 de octubre de 2020, 18:25Port-au-Prince, Oct 19 (Prensa Latina) Haitian economist Eddy Labossière on Monday lashed out at the separation of domestic banks and productive sector, while financial institutions show a strong profitability.
According to the President of the Association of Economists, there is a gulf between constant GDP decline and profits of such institutions.
Labossière pointed out that lenders accumulate domestic savings worth 190 billion gourdes (about 3 billion dollars). However, less than 20% is expressed in credits to boost domestic output and regular increased growth.
'These banks do everything except their real mission that is to serve as broker. They have made financial exclusion a 100% Haitian reality,' the expert regretted on his social networks.
Labossière recently argued for the national currency appreciation against US dollar, and lashed out at bank speculation and money laundering that is currently affecting the gourde, without having thus a macroeconomic response.
He also harped on the need for a new banking system, which does not speculate too much and allows production and competitiveness.
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