Haiti - Banking and securities
The national bank of the Republic of Haiti (Banque Nationale de la République d'Haïti-BRH), the sole bank of issue and government depository, was founded in 1880 and acquired from US interests in 1934 and became the fiscal agent of Haiti in 1947. As the nation's principal commercial bank, it participates in the national lottery, the national printing office and plant, the National Archives, banana development, the tobacco and sugar monopolies, the Agricultural and Industrial Development Institute, and the Agricultural Credit Bureau; it is also a depositor with the IMF and IBRD.
The first private Haitian bank, the Bank of the Haitian Union, opened in 1973. In 2002, nine other commercial banks were in operation; including one of them Haitian (Banque Industrielle et Commerciale d'Haiti), one US (Citibank), and one Canadian (Bank of Nova Scotia). There are two state-owned banks, Banque Nationale de Crédit and Banque Populaire Haitienne. Other banks included Promobank, Unibank, Sogebank, Socabank, and Capital Bank. The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $434.3 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $1.4 billion.
There is no securities exchange in Haiti. Trading in Haitian corporations that make public offerings of their bonds or equity shares is conducted on the New York over-the-counter market.