13457: Aristide: There will be no nationalizaton of accounts in American dollars (fwd)

[Bob Corbett <corbetre@webster.edu>]

To: MKarshan@aol.com

IMPORTANT DECLARATION FROM THE PRESIDENT OF THE REPUBLIC CONCERNING BANK
ACCOUNTS IN AMERICAN CURRENCY

National Palace, Monday October 28, 2002 - President Jean-Bertrand Aristide
reassured all Haitian and foreign depositors that their cash holdings in
foreign currency deposited in commercial banks in Haiti will not be converted
into gourdes and that there never was such a plan from the Government,
contrary to a persistent rumor that has been going through Port-au-Prince
since last week. This declaration was made after a meeting held this morning
in the National Palace with economic and financial authorities of the country
and members of the Professional Banking Association (APB), representing
financial institutions of the country.

The Bureau of Communications of the Presidency publishes the complete text of
this declaration for everyone's edification:

PRESIDENT ARISTIDE:

I have the pleasure to make the following declaration:

So that no one can pretend to ignore it, the President of the Republic
declares without any ambiguity:

  1.. That there never was any question, there is no question and there won't
be any question of nationalizing cash holdings in foreign currency held in
banks of the country.
  2.. That there never was any question, there is no question and there won't
be any question of converting American dollars.
  3.. That the Government never had any intention of substituting itself for
the market.
The panic going through the market should withdraw so that peace can return,
so that trust can increase. Because it is in all of of interest to direct the
market towards economic growth.

I will take this occasion to tell our Haitian compatriots living on foreign
lands: PUT YOUR MINDS TO REST. Economic actors and monetary authorities will
all work for your well-being. Don't let panic sweep through you, but on the
opposite, let serenity guide you.

Your accounts in the banks here in Haiti are safe. We will take all necessary
measures to protect them.

For the moment, put your minds to rest. The Government never thought, isn't
thinking and will not think of nationalizing your dollars put in bank
accounts here in Haiti.

There soon will be one or more meetings between the APB and monetary
authorities. Together they can see what technical measures can be taken to
increase this trust, to promote growth.

For the moment, about the rumors, we want to say it and repeat it simply and
clearly: there was no such thing, there is no such thing and there will not
be such a thing.

Leave your American dollars in the banks. Put more money in if necessary. But
don't think of taking it out because the Government, while respecting your
right to leave your money there or to take it out when you want to and if you
want to, encourages you, respectfully, not to give in to panic. It will be
good for everyone, it will be good for the country.

Just the same, we want to let the international community, especially
international financial institutions, know about our commitments. We, Haitian
Government, have made commitments towards the banks, economic actors, our
population. We are trustworthy people, we will respect our commitments.

And we take the occasion to inform international financial institutions about
what we freely decided:

We decided to keep the straight line: the one that will not go through
nationalization of accounts in American dollars, or through conversion of
these dollars. We guarantee the free circulation of dollars as well as
gourdes. Since the market is free, we respect the rules of the game.

In this context of irrationality, we favor objective information, meeting,
dialogue and mutual respect. Therefore, we invite all sectors involved to
show responsibility in the name of the nation's greater interests.

President Jean-Bertrand Aristide