National Bank of Haiti

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Seat of the National Bank of Haiti in Port-au-Prince, 1907

The National Bank of Haiti (

National Bank of the Republic of Haiti
, also established in Paris.

Overview

The National Bank of Haiti was conceived in the final stages of reimbursement of the notorious

Haiti indemnity obligation that arose in the aftermath of the Haitian Revolution. It was the brainchild of President of Haiti Lysius Salomon, who in 1880 promoted the legislation (law of 10 September 1880)[1] which created a 50-year concession for currency issuance and management of the country's finances. Crédit Industriel et Commercial (CIC), a French bank that had made a large loan of 36 million French Francs to Haiti in 1875,[2] formed the National Bank in Paris in May 1881, and appointed Ernest Lehideux as its first president.[1]

In Paris, the bank was headquartered at 49,

National Bank of the Republic of Haiti
.

The bank's creation ostensibly facilitated the full repayment of the Haiti indemnity, for which the last payment was made in 1883.[4] However, the operations of the National Bank were a matter of controversy in Haiti, not least because of its aggressive charging of fees and repatriation of profits and dividends to France.[5] Thus, the initial hopes that it would be an instrument of Haitian financial independence were quickly dashed. Haitian statesman Frédéric Marcelin was a prominent critic and in 1890 wrote an essay to denounce the bank's extraction of Haiti's riches and lack of positive contribution to the country's economic development.[6]

In October 1910, Haitian President

National Bank of the Republic of Haiti, also established in Paris at 55, rue de Chateaudun [fr],[8] whose initial majority shareholder was the Banque de l'Union Parisienne.[7]

See also

Notes

  1. ^ a b c "Banque Nationale d'Haïti". Data for Financial History.
  2. ^ Matt Apuzzo; Constant Méheut; Selam Gebrekidan; Catherine Porter (20 May 2022). "The Ransom: How a French Bank Captured Haiti". The New York Times.
  3. ^ "République d'Haïti : 100,000 obligations" (PDF). Journal du Lot. 25 April 1898. p. 3.
  4. ^ Jose de Cordoba (2 January 2004). "Impoverished Haiti Pins Hopes for Future On a Very Old Debt". The Wall Street Journal.
  5. ^ "Historique". Banque de la République d'Haïti.
  6. ^ Frédéric Marcelin (1890), La Banque nationale d'Haïti : une page d'histoire, Paris: Imprimerie Joseph Kugelmann
  7. ^ a b Peter James Hudson (2013), "The National City Bank of New York and Haiti, 1909 – 1922" (PDF), Radical History Review, Duke University Press: 91–114
  8. ^ "Banque Nationale de la République d'Haïti". Data for Financial History.
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