HTG - Haitian Gourde

History of the Haitian Gourde (HTG)

The Haitian Gourde was first introduced in 1813, about 9 years after Haiti gained independence from France. The Haitian Gourde was used to replace the livre - the French colonial currency, with an exchange rate at that time of 1 gourde = 8 livres and 5 sous. The name gourde comes from a type of Spanish currency called the peso fuerte, which was widely circulated in the Caribbean during the colonial period.

However, from the moment it was introduced, the Haitian gourde faced many challenges. The country's economy after independence was severely affected by war, production activities were stagnant, and there was the burden of enormous international debts imposed on Haiti by France. As a result, the Haitian gourde depreciated rapidly.

In 1870, after Haiti underwent a monetary reform, the gourde was adjusted at a rate of 10 old gourdes = 1 new gourde with the aim of stabilizing the financial situation at that time. 

In 1825, the Bank of the Republic of Haiti was established and was responsible for issuing and managing the currency as well as regulating the national monetary policy.

Period 1915 - 1934: The Haitian economy continued to be heavily influenced by the US dollar, leading to the USD being used alongside the gourde in major domestic and international trade transactions. However, the Haitian gourde remains the official currency of the country and is widely used in daily transactions.

Previously, in Haiti, various currencies had been used:

• Livre - The colonial currency of France used before gaining independence in 1804.

• Piastre: A type of currency commonly used in many countries of the Americas and the Caribbean during the colonial period. 

• Gourde: The official currency since 1813 to the present. 

• US Dollar: Widely used unofficially in international trade transactions or large transactions.

The Haitian Gourde (HTG) Denominations

The Bank of the Republic of Haiti issues the Haitian Gourde in coins and banknotes, with common denominations of 10, 20, 50, 100, and 250 gourdes. In addition, smaller denomination coins are commonly used in daily transactions.

• Commonly used banknotes: 10, 25, 50, 100, 250, 500 G

• Rarely used banknotes: 1, 2, 5, 20, 1,000 G

• Coins: 5, 10, 20, 50, 1G, 5G

The Croatian Kuna (HRK) exchange rate

Currently, the Central Bank of Haiti is implementing a regulated floating exchange rate policy based on a basket of currencies from countries that have trade relations with Haiti. The policy's objective is to maintain a stable exchange rate, ensure inflation control, promote national economic development, and increase foreign exchange reserves.

History of the Haitian Gourde exchange rate

The history of the Haitian gourde exchange rate has undergone significant fluctuations. Specifically:

Before 1915, the exchange rate between the gourde and the US dollar (USD) was relatively stable, although there were still minor fluctuations due to economic factors and the influence of French colonizers.

From 1915 to 1934, during the period of the U.S. occupation of Haiti, the USD became the main currency in major transactions. The exchange rate between the two currencies was not fixed and was influenced by the intervention of the U.S. government.

In the 1980s, Haiti's economy was somewhat stable, with an exchange rate of 5 gourdes = 1 USD. However, just after 5 years, the gourde depreciated due to inflation, political instability, and the exchange rate increased to about 8 gourde = 1 USD.

In the 1990s, the value of the gourde continued to decline sharply against the USD, fluctuating between 11 and 27 gourde = 1 USD. 

By the 2000s, the weakness of the Haitian economy caused the exchange rate of the Haitian gourde to rise significantly, reaching levels of 30 to 44 gourde = 1 USD.

In 2010, after the major earthquake, the Haitian economy suffered severe impacts, and the depreciation of the gourde became more pronounced. Before it could recover, the COVID-19 pandemic in 2020 caused the exchange rate to reach a record high of 80 to 90 gourdes = 1 USD. This reflected the severe inflation, financial crisis, and the weakening of the Haitian economy.

Implementing a multifaceted strategy that involves stabilizing the national economy, encouraging investor confidence, and supporting sustainable farming practices is essential to increasing the value of the Haitian Gourde. Strengthening regulatory frameworks to combat corruption and ensuring transparency in financial transactions will attract both domestic and foreign investment. Furthermore, bolstering trade relations by diversifying export markets and investing in key sectors such as tourism and agriculture can lead to increased foreign currency inflow, consequently supporting the Gourde's valuation. Collaborative efforts between the government and private sector are essential to establish a resilient economic foundation.

To track the detailed exchange rate of the Haitian Gourde, you can use the Gocuco conversion tool to convert currency values into various other currencies.