The 10.7% growth in private transfers, amounting to $3.63 billion as of September 30, 2024, contributed to the appreciation of the gourde against the US dollar, according to the monetary policy note for the fourth quarter of the 2023-2024 fiscal year. "Private transfers received from abroad grew by 10.7% during the fiscal year, reaching $3.63 billion as of September 30, 2024. The resulting increase in dollar supply, combined with macroprudential and administrative measures adopted by the BRH, supported the gourde's appreciation during the 2024 fiscal year," the note states. "Consequently, the BRH reference rate, set at 131.4767 gourdes per US dollar on September 30, 2024, decreased by 0.44% quarterly and 2.07% annually," the BRH indicated.

"The continued stability of the exchange rate, driven by the dynamism of private transfers from the diaspora and regulatory adjustments by the Central Bank amid a downturn in US dollar demand, facilitated further net interventions by the BRH in the foreign exchange market. These totaled $161 million in the last quarter and a cumulative $470.4 million for the fiscal year, enabling the BRH to further strengthen its international reserves cushion and expand its room for maneuver in anticipation of an economic recovery," according to the BRH monetary policy note. The IMF estimates that the BRH holds nearly $1 billion in reserves.