HTG: Gourde Gains In 2010

We expect the Haitian gourde to see out the year at the current level of HTG39.75/US$, albeit with slight downside risks should the authorities decide to weaken the currency in a bid to stimulate exports. Longer-term, however, we do see room for appreciation against the greenback, as debt forgiveness, improved security and infrastructure rebuilding translate into higher capital inflows. As such, we are pencilling in a target of HTG36.00/US$ by end-2010.

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