Monetary reorganization, facilitating Cuba’s future

Havana, Dec 15.- In the midst of the adverse economic impact of Covid-19 and the pressures coming from the United States, Cuba faces a monetary reorganization that could be key for the island’s future.


This statement is confirmed by most of the analysts, despite the risks included in such a change planned to be in effect on January 1, 2021, but beginning to be put in order now.

Said financial transformation is not a simple change in denominations, but rather a range that concerns salary systems, pensions, prices and exchange rates, amid difficulties in lack of offer, for example.

But it is something vital for the Cuban economy, if one takes into account the problems caused by the double currency, the convertible peso (CUC) and the Cuban (CUP).

Since the beginning of tourism as an industry in 1994, the circulation of the US dollar along with the Peso, later with an exchange rate of 1 USD to 1 CUC, convertible Cuban currency created in 2004, and another of 1 CUC equal to 24 CUP.

Some voices, such as the doctor in Economic Sciences Lázaro Toirac, quoted by the national press recently, reflect elements of the current situation.

It alludes to currencies, exchange rates, duality and unification, crises and solutions as a complex scheme. Advisor to the Ministry of Economy and Planning of Cuba (MEP), Toirac points out that it is not possible to speak of updating the management model or the scheme in economic matters, without a monetary order.

Hence, the understanding pointed out that all economic agents (state, self-employed or private companies, cooperatives, and others) must concur in the national economy on equal terms.

Therefore, what the so-called Ordering Task involves is the creation of the bases for an economic future with better conditions for the island.

Along these lines, the experts and observers consulted by the government aim to pave a financial path from which brings about better facilities, and to allow improved terms of monetary reorganization. (Prensa Latina)