Haiti: The Puzzle of Inflation Without Devaluation

A triple mystery has hovered over the Haitian economy for nearly two years: why is inflation so high while the exchange rate remains relatively stable? What role might the BRH potentially be playing in this inflation? And why does the exchange rate not adjust to reflect the loss of purchasing power of the gourde, as economic theory predicts? The first question is far from new, yet it remains legitimate.

Carl-Henri Prophète
19 Feb 2026 — Lecture : 4 min.
Haiti: The Puzzle of Inflation Without Devaluation

Inflation galopante
Photo : Freepik

A triple mystery has hovered over the Haitian economy for nearly two years: why is inflation so high while the exchange rate remains relatively stable? What role might the BRH potentially be playing in this inflation? And why does the exchange rate not adjust to reflect the loss of purchasing power of the gourde, as economic theory predicts?

The first question is far from new, yet it remains legitimate. I attempted to provide some elements of an answer about a year ago[1]. However, it is clear that it continues to raise concerns. I

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