ARTICLE - NEW BANK LAW

NEW LAW ON THE REGULATION OF FINANCIAL INSTITUTIONS IN HAITI
(Haiti Libre) -

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law, which included the protection of interests of depositors and bank secrecy, also responds to the need to update the outdated framework of supervision of a banking system, which has undergone significant changes over the past 25 years.

Key sectors of national life were consulted before the update of this law, which 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 and around their premises"

This new law as soon as it is promulgated by President Martelly, will repeal the decree of November 14, 1980 previously applied in the country. It opens many financial perspectives and is designed to strengthen the regulatory capacity of the Bank of the Republic of Haiti (BRH).