Life Style

Gould’s rapid rise could hit Haiti’s textile sector

Photo: Shutterstock

The sudden rise of Gould, the national currency of Haiti, caused confusion there as experts pondered why. In the last four weeks, Gould’s value has risen from 118 Gould at the end of August to the US dollar, and more recently to 65 Gould per greenback, up 81.5%. As a result, the textile industry can be severely hit.

A media report from the country said that 25,000 employees in the textile industry could lose their jobs by December. US apparel brands and retailers feel that this development will make Haiti less competitive and undermine the investment climate.

Haiti’s Minister of Finance and Economy Patrick Boisvert said he is in talks with textile industry officials to address the issue.

The purchasing power of many Haitians has been cut in half because more than 60% of the country’s bank deposits are stored in US dollars and prices do not change much.

Fiber2Fashion News Desk (DS)

The sudden rise of Gould, the national currency of Haiti, caused confusion there as experts pondered why. In the last four weeks, Gould’s value has risen from 118 Gould at the end of August to the US dollar, and more recently to 65 Gould per greenback, up 81.5%. As a result, the textile industry can be severely hit.



Source link

Back to top button