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Cuba’s Minister deems vital monetary overhaul to boost development

Ministro cubACuba’s Minister of Economy Alejandro Gil affirmed on Friday that the monetary overhaul, with the Cuban peso as the only national currency, is an indispensable measure to boost the country’s development.

We are entering a period of deep and necessary transformations, for all’s sake, Gil tweeted referring to the implementation of the monetary and exchange rate unification that will come into force on January 1, 2021.

Meanwhile, the head of Foreign Trade and Investment Rodrigo Malmierca stated on Twitter that the beginning of this overhauling task, with a single exchange rate of 24 pesos to one dollar, is a key step in the updating of the economic model.

Malmierca added that such measure is implemented without shock therapies.

President Miguel Diaz-Canel, in the presence of the First Secretary of Cuba’s Communist Party Raul Castro unfolded on Thursday that the step is part of the Economic and Social Strategy to favor the economic development of the nation.

In the information provided by the radio and TV channel, the head of State informed that as of January 1, the aforementioned single exchange rate will be applied, a process that implies the cessation of the circulation of the Cuban Convertible Peso (CUC).

Likewise, it includes the elimination of excessive subsidies and undue gratuitousness, and a modification in the distribution of income.

Cuba published on Friday in the Extraordinary Official Gazette the new changes regarding these matters, as part of the ongoing monetary overhauling in the country.

These are 19 resolutions of the Ministry of Labor and Social Security (MTSS) regarding salaries, pensions and social assistance benefits that will be in force as from next year.

(Taken from Prensa Latina)

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