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Cuba will take action against inflation

ministra preciosCuba will take measures from January 1 to curb an expected inflation derived from the monetary reordering, a process that today draws the attention of Cubans.

With the arrival of the new year, the convertible Cuban peso (CUC) will disappear and only the regular Cuban peso (CUP) will be used for all operations, with an exchange rate of 24 to 1 against the dollar.

According to the Minister of Finance and Prices, Meisi Bolaños, prices will rise because with the monetary and exchange unification the new rate of 24 pesos to the dollar will impact the productive sector, the imported products, and therefore the costs.

In view of this scenario, the Minister mentioned actions to contain the price hike, such as the centralization of tariffs for production and services of high-impact on the people.

This is the case of fuel, water, cement and sugar, said the headline when speaking on national television.

The minimum wage in Cuba was set at 2,100 pesos, both for the budgeted sector and for the business sector.

The Minister explained this figure is formed by the value of the basic basket of goods and services (1,528 pesos) multiplied by 1.3 and added to the five percent contribution to social security.

Regarding the one million 700 thousand pensioners, they will all receive monthly a benefit of at least the value of the basic basket of goods and services, which is one thousand 528.

On the other hand, the 119 thousand homes that receive financial aid from social security will also have their benefits readjusted in line with the new prices as of 2021, informed the official.

(Taken from Prensa Latina)

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