Cuba’s Monetary Unification Slows the Sales of Homes

14ymedio, Havana, 31 January 2021 — “No one here to buy and sell?” asks the clerk of the notary’s office on 20 de Mayo Street, in Havana. Clients are waiting to make a will or formalize a power of attorney, but requests for procedures related to housing have disappeared from these offices since the monetary … Continue reading “Cuba’s Monetary Unification Slows the Sales of Homes”

Cuba Will Subsidize Unprofitable State Companies After Monetary Unification

14ymedio, Havana, 13 October 2020 — The elimination of the country’s dual currency is delayed, according to the latest statements by Cuban leaders who are at the forefront of the so-called “regulatory task.” In the Roundtable TV program on Tuesday the issue was addressed but without giving details about the date on which the monetary … Continue reading “Cuba Will Subsidize Unprofitable State Companies After Monetary Unification”

Monetary Unification: The Story Never Ends

Eliás Amor Bravo, Economist, August 24, 2020 — Perhaps, possibly, together with salaries, housing and the daily worry about food, monetary unification has become one of the main problems for Cubans. There is proof of that. The article published in Granma with the title “Monetary unification is on the horizon in Cuba”, in which several specialists … Continue reading “Monetary Unification: The Story Never Ends”

Cuba, Monetary Unification and “The Horizon” for its Destiny / Miriam Celaya

Cubanet, Miriam Celaya, Havana, 24 August 2020 — A note recently published by the official Cuban press discusses once again the much harped on and, so far, unresolved issue of monetary unification, through an interview conducted by its author with various specialists from the Central Bank of Cuba. Said officials agreed on the importance of … Continue reading “Cuba, Monetary Unification and “The Horizon” for its Destiny / Miriam Celaya”

Cuban Government Asks for Calm in Face of Rumors About Imminent Monetary Unification

EFE via 14ymedio, Havana, 30 March 2018 — Cuba’s Central Bank, on Thursday, tried to calm the “false” rumors that one of the two currencies circulating in the country will be immediately withdrawn in the process of monetary reunification, which has led to a rush on banks and currency exchanges. “This event is based on the … Continue reading “Cuban Government Asks for Calm in Face of Rumors About Imminent Monetary Unification”

Long Lines at Cuban Banks For Fear of Monetary Unification

14ymedio, Zunilda Mata, 15 March 2018 — The last weeks have been like a heart attack for Luis, the employee who guards the door at the Metropolitan Bank (Banmet) on Galiano Street, in Havana. The flood of customers doesn’t give him a minute’s rest because “people are going nuts changing and saving money” out of fear that … Continue reading “Long Lines at Cuban Banks For Fear of Monetary Unification”

Monetary Unification in Cuba, an Unresolved Issue / Jeovany Jimenez Vega

Jeovany Jimenez Vega, 26 October 2015 — Without a doubt the most complex challenge Raúl Castro’s regime has in the short-term is monetary unification. The use in the country of two national currencies for the last two and a half decades has ended up generating an inestimable distortion in the internal finance system, which by itself would … Continue reading “Monetary Unification in Cuba, an Unresolved Issue / Jeovany Jimenez Vega”

Cuba’s Monetary Unification: a Turn for the Better or for the Worse? / Haroldo Dilla Alfonso

HAVANA TIMES —The announcement that the Cuban government plans to eliminate Cuba’s two-currency monetary system has awakened numerous concerns among common citizens and analysts. This was to be expected, for, even if we assume the simplest and most vulgar point of view on Cuban reality, it is clear that this is a serious issue that … Continue reading “Cuba’s Monetary Unification: a Turn for the Better or for the Worse? / Haroldo Dilla Alfonso”

Academic Warns of Economic "Shock" if Cuba’s Dual Monetary System is Maintained

14ymedio, Reinaldo Escobar, Havana, 30 March 2019 — There are issues that appear cyclically in the official media. Discussions that get heated in the streets and later cool down waiting for institutional responses. Among these is the end of the dual monetary system, a measure that at times seems to be around the corner and … Continue reading “Academic Warns of Economic "Shock" if Cuba’s Dual Monetary System is Maintained”

The Dollar Strengthens In Cuba In Anticipation Of Currency Unification / Iván García

Ed. Note: This article talks about Cuba’s two currencies, the Cuban peso and the Cuban convertible peso, and the potential ‘unification’ of the two currencies. The Cuban peso is also called “national money” and by the acronym “CUP.” The Cuban convertible peso (“CUC”) only came into use in 1994. It is not convertible outside the … Continue reading “The Dollar Strengthens In Cuba In Anticipation Of Currency Unification / Iván García”

Unification of Dual Currency, but the Economic Future Remains Uncertain / Miriam Leiva

HAVANA, Cuba , December, www.cubanet.org – Monetary and exchange rate unification was addressed by Raúl Castro in his speech at the closing session of the National Assembly and by Vice President Marino Murillo Jorge, on December 21, according to the Cuban media. The interest of calming the population can be seen in the president’s assertion … Continue reading “Unification of Dual Currency, but the Economic Future Remains Uncertain / Miriam Leiva”

Currency Unification: Causes and Limits / Dimas Castellano

The road to exit the crisis is clear; what is lacking is the political will to travel it. Among the partial reforms the government of Raul Castro announced was the enforcement of a timeframe for measures to eliminate the dual currency, implemented following the loss of Soviet subsidies.  A look back at the topic helps … Continue reading “Currency Unification: Causes and Limits / Dimas Castellano”

When the Rebellion of the Cuban Barbers Failed, David Left by the ‘Route of the Volcanos’

14ymedio, Alejandro Mena Ortiz, Miami, 30 October 2022 — David left his dream of being a dentist to open a barbershop in Havana in 2016, one of the best years in Cuban’s recent history, with the visit of Barack Obama, tourism reaching the sky and hopes for more lively changes than ever. Six years later, … Continue reading “When the Rebellion of the Cuban Barbers Failed, David Left by the ‘Route of the Volcanos’”

Why Are Cubans Right to Distrust Their Banks?

14ymedio, Elias Amor Bravo, Economist, 14 August 2022 — In the second year of the Ordering Task,* the Cuban communist regime has gone a step further in the line of formal banking procedures for economic transactions with the publication of Resolution 123/2022 of the Central Bank of Cuba, which updates the processes of issuance, use … Continue reading “Why Are Cubans Right to Distrust Their Banks?”

The Deadline to Change CUC to Cuban Pesos Expires This Thursday

14ymedio, Elías Amor Bravo, Valencia, 30 December 2021 — Well, we have come to the end of a very difficult and complicated year for all Cuban compatriots. The deadline is looming for people who still have convertible pesos, CUC, in cash, to exchange them for Cuban pesos (CUP) in compliance with the central measure of … Continue reading “The Deadline to Change CUC to Cuban Pesos Expires This Thursday”