Credit in Haiti - 1946

From Haiti, Marcel Salnave of Parlons Peu posts an article written by his father, also Marcel Salnave, in 1946 on the Haitian banking system. Translated excerpt: "Banks have become very demanding and ask for each loan a guaranty that surpasses the amount borrowed. Banks in Haiti ... have completely suppressed our credit. So poverty has taken hold. (...) In the U.S., public opinion is worried by the 3% interest rate and the financial world has had to do its best to bring interest rates down to 2 to 2.5%. Here, it is impossible to borrow money for less than 20% despite the legal rate of 12%. (...) Our credit institutions only rarely give out loans (...). Very few business deals are made thanks to credit institutions. "

Cross posted at GV.

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