Haiti : Charles Castel needs to fix currency crisis or resign
The governor of Haiti’s Central Bank needs to go. Charles Castel has been the governor for 2 decades and under his leadership, the country has slid into an eternal recession. Almost everything he has done has failed with severe negative consequences. How a person with a less than 10% success rate can still have a job is a great mystery. There are millions of Haitians unemployed, there are no new jobs on the horizon and inflation is at an all-time high. The value of the gourde has depreciated considerably. Once one US dollar was worth 5 gourdes; today it is worth 55 gourdes. This indicates that Castel’s economic policies are nothing but garbage. Even with his academic achievements, he has no concept of how to run a bank. More important he does not have a clue how the average Haitian lives. The man is clueless both as a person and a leader of a bank. The country is in shambles and yet he continues to run the Bank of Haiti. Not one policy in recent times has succeeded, and the gourde continues to decline in value against the American dollar. Recent data indicates that the banks have no reserves. The billions that were in the coffers have all been spent on failed policies. Only a million gourdes are left. The Diaspora keep sending money by the millions each year to Haiti and yet Castel denies that this money has come in. There is no transparency in the banking system. The banks have been charging exorbitant fees for the diaspora to transfer money and yet Castel claims that the banks are poor. Where has all the money gone? Who is in charge of Castel? Why is Castel not held accountable for the failed banks? Ever since Castel took over the leadership as the governor of the Bank of Haiti, there has never been any release of information on much money actually comes from diaspora. What is happening to all the money that comes in?
It is high time that the people of Haiti demand the resignation of Charles Castel. He appears to be no better than most of our politicians when it comes to the handling of money. It is time to get the justice system involved and ask for accountability from the banks. All Haitians should write to their members of parliament and ask for the resignation of Castel. It appears that he is not only incompetent, but lacks honesty. The bank of Haiti needs to undergo major restructuring and it has to start by getting rid of the old guards who have done nothing but loot the coffers. In any other profession, the individual would be fired on the spot. Why we Haitians tolerate such failures is difficult to understand.