Regulatory Alerts2015-05-27
10 Establishment of mandatory reserves on deposits of non-financial public entities
The Bank of the Republic of Haiti issued Circular Letter No. 10 to mandate a mandatory reserve coefficient of 80% on deposits held by non-financial public entities, effective June 15, 2015. This coefficient is scheduled to increase to 100% starting July 15, 2015, with specific exemptions for pension funds of public enterprises and autonomous bodies. Non-compliance with this directive results in a penalty equivalent to half the balance of each undeclared account held at the Central Bank.
[Logo: BRH] Bank of the Republic of Haiti
CIRCULAR LETTER No. 10
CIRCULAR LETTER TO BANKS
Pursuant to paragraph 7 of Article 83 of the Law of May 14, 2012, on banks and other financial institutions, banks must comply with the following provision:
Effective June 15, 2015, a mandatory reserve coefficient of 80% will be applied to all deposits of non-financial public entities (including the central administration, autonomous bodies, public enterprises, and local authorities). This coefficient will increase to 100% effective July 15, 2015.
This measure does not apply to the pension funds of public enterprises and autonomous bodies.
Any violation of this circular letter will be subject to a penalty equivalent to half the balance of each account not declared to the Central Bank.
Port-au-Prince, May 27, 2015
[Signature] Charles Castel Governor
P.O. BOX 1570, Port-au-Prince, Haiti . Telephone: 2299-1244