Search results for: bankification

Cuba’s Twisted Path to ‘Bankification’, Propaganda and Demagoguery Open the Way

14ymedio, Elías Amor Bravo, Economist, 19 August 2023 — Every other day the regime seems to spare no effort to try to convince Cubans that bankification — banking reform — is something good for them. An article in the oficial newspaper Granma entitled “Technology and bankification” is a historical review of facts intended to justify an … Continue reading “Cuba’s Twisted Path to ‘Bankification’, Propaganda and Demagoguery Open the Way”

Fishers and Farmers Are Exempt, for Now, From Cuba’s ‘Bankification’

14ymedio, Madrid/Havana, 10 August 2023 — “Bankification will advance in places where conditions exist,” said Julio Antonio Pérez Álvarez, general director of Operations and Payment Systems of the Central Bank of Cuba (BCC) in a new edition of the Round Table program dedicated to the financial measures that have revolutionized the warm Cuban August. The … Continue reading “Fishers and Farmers Are Exempt, for Now, From Cuba’s ‘Bankification’”

‘Bankification’ is Economic Repression in Cuba

Elías Amor Bravo, Economist, August 4, 2023 — Who benefits from the ’bankification’ of the Cuban economy? This question has been going around since the Regime, using an entity at its service, the Central Bank of Cuba, has announced measures that aim to reduce the circulation of cash and get economic actors to use electronic … Continue reading “‘Bankification’ is Economic Repression in Cuba”

‘Bankification’ of the Economy and the Circulation of Counterfeit Banknotes: Another Blow to Credibility

14ymedio, Elías Amor Bravo, Economist, 1 August 2023 — Cuba’s state press reports that last Monday a meeting of the executive committee of the council of ministers of the regime was held, an organ that between meetings of the council of ministers is responsible for the decisions that are attributed to it. With the presence … Continue reading “‘Bankification’ of the Economy and the Circulation of Counterfeit Banknotes: Another Blow to Credibility”

Moscow Is Involved in the Digitization of Fiscal Control for Private Businesses in Cuba

14ymedio, Havana, 26 August 2023 — In the midst of the process of bancarización* [banking reform] of transactions in Cuba, a group of Russian experts advises the Cuban Minister of Foreign Trade and Foreign Investment, Ricardo Cabrisas, on issues of “digitalization of fiscal control and electronic banking.” His proposal: the foundation of a Business Development … Continue reading “Moscow Is Involved in the Digitization of Fiscal Control for Private Businesses in Cuba”

Experts Close to the Government Point Out Cuba’s Lack of Preparation for the ‘Bancarización’ Banking Reform Process

14ymedio, Havana, August 24, 2023 — The Cuban Prime Minister, Manuel Marrero, attacked micro, medium and small companies (SMEs) and other private businesses that “resist” the priority use of electronic payment channels. The measure, which represents the core of the country’s  bancarización* banking reform process decreed at the beginning of August, has been criticized by … Continue reading “Experts Close to the Government Point Out Cuba’s Lack of Preparation for the ‘Bancarización’ Banking Reform Process”

Banking and the Tax System under Cuban Communism: One More Twisted Path

14ymedio, Elías Amor Bravo, Economist, August 21, 2023 – The government claims its new banking reform measure, referred to as bancarización,* will be a boon for the tax system. Really? Or is it the other way around? For days now, the state-run press has been on a demagogic propaganda campaign to promote the measure, which … Continue reading “Banking and the Tax System under Cuban Communism: One More Twisted Path”

Advertising To Attract Consumers to Online Shopping: Another Failure in Sight

Elías Amor Bravo, Economist, 16 August 2023 — The Cuban communist regime is committed to advancing banking reform — the so-called “bankification” — and now they have gotten into advertising, promoting a campaign in which state banks offer a bonus of up to 6% to customers who pay for goods and services with cards or … Continue reading “Advertising To Attract Consumers to Online Shopping: Another Failure in Sight”

August Doesn’t Offer Cubans a Truce: Blackouts Multiply Throughout the Island

14ymedio, Havana, 9 August 2023 — It is one more year, just at the time of the highest temperatures, when Cubans face the growing shortage of energy and, with it, the dreaded blackouts. For this Wednesday, the Electric Union of Cuba (UNE) forecasts a deficit of 430 megawatts, with an availability of 2,650 MW and … Continue reading “August Doesn’t Offer Cubans a Truce: Blackouts Multiply Throughout the Island”

Cuban Officials Offer a Fifteen-Day 6 Percent Discount on Electronic Payments

14ymedio, Havana, 15 August 2023 — As of Tuesday, August 15, Cuban banks will offer their customers a 6% discount for using electronic payment options. However, the offer will not last long, only until the 30th of this month. The vice-president of the Central Bank of Cuba (BCC), Alberto Quiñones, announced the measure on Monday … Continue reading “Cuban Officials Offer a Fifteen-Day 6 Percent Discount on Electronic Payments”

With the Peso Dying, Cubans Are Living in Rhythm with the Dollar

14ymedio, Havana, 14 August 2023 — Two weeks ago, Maritza, a retiree living in Central Havana, took her flat-screen TV to a neighbor who repairs household appliances “on the side.” The young man told her that he would have to replace a part and the cost would be 4,000 Cuban pesos, or twenty dollars, based … Continue reading “With the Peso Dying, Cubans Are Living in Rhythm with the Dollar”

Cuba’s Banking Reform Put on Hold and Another Experiment Bites the Dust

14ymedio, Elías Amor Bravo, Economist, August 10, 2023 — Not surprisingly, recently announced government banking regulations have aroused a myriad of fears among the business community and Cuban society at large. And the regime, which has been sensitive to any sign of social unrest since the mass protest of July 11, 2021 has not come … Continue reading “Cuba’s Banking Reform Put on Hold and Another Experiment Bites the Dust”

Cuban Authorities Promise That It Will Be Possible To Pay in Cash, Except at Hotels

14ymedio, Madrid, 8 August 2023 — “An hour and a half of more talking about the same thing, pondering a decree that in itself is good but in the general context is useless.” This is the assessment of a reader of the official Cubadebate about the appearance of the president and the vice president of … Continue reading “Cuban Authorities Promise That It Will Be Possible To Pay in Cash, Except at Hotels”

Doubts and Confusion after Cuban Regime Announces New Bank Regulation

14ymedio, Juan Diego Rodriguez, Havana, 3 August 2023 — It was 10:00 AM and people in line for the ATM at the Banco Metropolitano branch on Infanta and San José streets in Central Havana were growing impatient. Their concern was not over the measure announced on Wednesday that prohibits businesses from withdrawing money in this … Continue reading “Doubts and Confusion after Cuban Regime Announces New Bank Regulation”

Cuba’s Central Bank Prohibits Private Businesses from Withdrawing Cash from ATMs

14ymedio, Havana, August 2, 2023 — The “bankification” of the country, just approved this Monday by the Council of Ministers, reflects the lack of liquidity of the Cuban State, and will begin to take effect as of this Thursday, “gradually,” with the announcement of a group of measures by the Central Bank of Cuba (BCC). … Continue reading “Cuba’s Central Bank Prohibits Private Businesses from Withdrawing Cash from ATMs”