New measures boost economic management in Cuba

julio 21, 2020julio 21, 2020 Redacción Digital

Havana, Jul 21.-The opening on Monday of shops to sell products in freely convertible currency (FCC), as part of new measures taken by the Government, is aimed at solving Cuba’s economic problems in a complex environment.

Since last week, people have learned about some elements and purposes of the actions to set the economy and commerce straight, after being hit here, like in the rest of the world, by the Covid-19 pandemic.

In addition, for some time, that kind of sale was made in that currency in order to revive the country’s finances, which have been under pressure by the United States for more than 50 years, even amid the pandemic.

Another element that stood up recently in Cuba was the elimination of the 10-percent levy on US dollars, starting on July 20, in order to increase its purchasing power in an adverse economic context.

The measure, according to Cuban First Prime Minister Alejandro Gil, was approved amid Washington’s hostility and tightening of the economic and commercial blockade against Cuba.

Other measures were taken, including selling toilet products and food in several shops in FCC.

According to Cuban President Miguel Diaz-Canel, it will be necessary to sell some volumes of products in free convertible currency to continue to expand that kind of commercialization.

Part of the money raised that way will be reinvested in the domestic industry to become a source of products for all shops. (Prensa Latina)