Regulatory Alerts2022-10-10
Additional Note to Circular 118-1
The Bank of the Republic of Haiti mandates that transfer houses must sell their entire daily share of 30% of received transfers to the central bank by the end of each business day. Any unsold balances are automatically purchased by the BRH at the system's average buying rate via direct debit from the institution's account. This requirement applies exclusively to transfer houses incorporated as anonymous societies and is enforced through daily electronic reporting via the BSA application.
Bank of the Republic of Haiti ADDITIONAL NOTE CIRCULAR 118-1 TO TRANSFER HOUSES
In the context of implementing Circular 118-1 and with reference to Circular 114-3, the Bank of the Republic of Haiti (BRH) requires Transfer Houses to sell each day the total amount of the 30% share of received transfers that belongs to them. The BRH will automatically become the purchaser of any unsold balance at the end of a business day at the average buying rate of the financial system, without prior notice, by debiting the account of the non-compliant institution held at the BRH.
To this end, Transfer Houses will transmit to the BRH, electronically via the BSA application, the next business day at noon according to the reference date, daily reports in accordance with the model attached to this note.
This provision applies exclusively to Transfer Houses constituted as anonymous societies, as banks remain subject to the requirements of the circular on net foreign exchange position.
This additional note forms an integral part of Circular 118-1. It repeals the Additional Note/Circular 118 and enters into force on October 10, 2022.
Port-au-Prince, October 7, 2022 Jean Baden Dubois Governor
ANNEX DAILY REPORT ON THE 30% OF RECEIVED TRANSFERS Name of the Transfer House______________ Date_______
I.1. REPORT ON DOLLAR INCOMES Amount (in USD) I. Total amount of the 30% of transfers received by the transfer house for the day II. Amount of the 30% held by the transfer house for the day III. Internal Needs (Annex I.4) Net amount held after internal needs (II-III)
I.2. REPORT ON DOLLAR SALES FROM THE 30% OF THE DAY TOTAL (I, II, III) Sub-total - I. Transactions > $10,000 Sub Total II - Transactions with affiliates III. Others (aggregated)
I. Non-affiliated clients whose transactions are greater than or equal to $10,000 (to be listed) Client Identification *Types of clients (to choose) Amount Sale Rate Bank Account Number
II. Transactions with affiliates (to be listed) Client Identification
III. Others (Aggregated)
- E = Enterprises, Households = H and A = Others
I.3. DAILY COMPLIANCE REPORT Daily Balance Net amount held after internal needs Dollar sales from the 30% held for the day Variance
I.4 REPORT ON THE BREAKDOWN OF INTERNAL NEEDS Reasons Amount Types of transaction Total internal needs
Signature of two authorized executives: Position/Title: