Search results for: monetary unification

While the Euro Reaches 300 Cuban Pesos, the Government Keeps Going in the Same Direction

14ymedio, Havana, 6 February 2024 — The regime’s concern about the current crisis has led the official newspaper of the Communist Party of Cuba to once again publish the Economy section, which will appear in Granma on a weekly basis. Its first article, signed by Joel Ernesto Marill Domenech, author of several texts with proposals … Continue reading “While the Euro Reaches 300 Cuban Pesos, the Government Keeps Going in the Same Direction”

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 Central Bank’s New Regulations Are Suicidal Claim Economists

14ymedio, Madrid, 7 August 2023 — “Expanding the role of banking is essential for our economy but Resolution 111, which that the Central Bank has just announced, is suicidal,” states economist Oscar Fernandez in a reference to measures taken by the Cuban government last week. He is joined by a growing chorus of monetary experts … Continue reading “Cuba’s Central Bank’s New Regulations Are Suicidal Claim Economists”

The Cuban Regime Will Discuss ‘The Constitutional Design of the State’

14ymedio, Havana, 23 May 2023 — The two highest powers in Cuba will meet this Tuesday. While the Parliament will discuss for two days “the constitutional design of the State and elements of the Constitution,” the Communist Party began its Sixth Plenary of the Central Committee focused on economic aspects. Both meetings take place a … Continue reading “The Cuban Regime Will Discuss ‘The Constitutional Design of the State’”

The Investments Made by the Cuban Regime Don’t Activate the Economy

14ymedio, Elías Amor Bravo, Economist, 25 September 2022 — The recent publication of the Cuban National Office of Statistics and Information (ONEI) entitled “Investments, selected indicators” in  the first half of 2022 concludes that investments reached 31,726.2 million pesos, an increase of 41% compared to the same period in 2021, when investments stood at 21,823.2 … Continue reading “The Investments Made by the Cuban Regime Don’t Activate the Economy”

In Cuba Marino Murillo Falls, Raul Castro’s Ex-Son-in-Law Rises

14ymedio, Reinaldo Escobar, Havana, April 19, 2021 — The most striking development of the Eighth Communist Party Congress, which concludes on Monday after a four-day meeting with hardly any news, will be the retirement, at least officially, of the old guard. For the first time, no one with the last name Castro will hold a … Continue reading “In Cuba Marino Murillo Falls, Raul Castro’s Ex-Son-in-Law Rises”

The History of the CUC, or How the Dollar’s Bastard Brother Shaped the Lives of Cubans for 27 Years

14ymedio, Carla Gloria Colomé Santiago, New York, 28 March 2021 — The CUC has died and died young, like Amy Winehouse, Jimi Hendrix or Janis Joplin, just 27 years old. The CUC, the Cuban convertible peso or chavito, as it has also been called, would become the substitute actor of the dollar that, at times, … Continue reading “The History of the CUC, or How the Dollar’s Bastard Brother Shaped the Lives of Cubans for 27 Years”

Cuba’s Marino Murillo: Nothing More to Lose

14ymedio, Elías Amor Bravo, Economist, 8 March 2021 — Cuban Vice-President Marino Murillo, has returned to the forefront of current affairs to talk about what he considers to be the positive effects of the currency unification and exchange. He insists on the same arguments, and of course, it is his opinion, and of course, respectable, but if he … Continue reading “Cuba’s Marino Murillo: Nothing More to Lose”

Even with Price Rollbacks, Can the Regime Control Inflation Caused by Currency Reform?

Elías Amor Bravo, Economist, 5 February 2021 — It seems the subject of prices continues to be one of the main problems stemming from the recent currency unification reforms. A problem for which the the communist model, with its emphasis on economic planning and state intervention in the economy, is incapable of setting prices for the … Continue reading “Even with Price Rollbacks, Can the Regime Control Inflation Caused by Currency Reform?”

Cuba Eliminates the Limited List of Jobs Allowed in the Private Sector

EFE, via 14ymedio, Havana, 6 February 2021 —  The Cuban government eliminated the constrained list of activities allowed in the private sector, leaving a list of just 124 occupations which can be engaged in only by government entities, a long-awaited reform that opens the doors to the expansion of self-employment in the midst of a serious … Continue reading “Cuba Eliminates the Limited List of Jobs Allowed in the Private Sector”

Pesos Instead of Dollars: A Bad Deal for Cuban Employees of Foreign Firms

14ymedio, Havana, 22 December 2020 —  Beginning in January, Cuban workers employed by foreign companies will no longer receive part of their salary in dollars. After currency unification takes effect, they will be paid only in Cuban pesos. Rodrigo Malmierca, Minister of Foreign Trade and Foreign Investment, made the announcement on Monday during a broadcast … Continue reading “Pesos Instead of Dollars: A Bad Deal for Cuban Employees of Foreign Firms”

Dollar Stores Subsidize Social Justice, Says Cuba’s Economy Minister

14ymedio, December 4, 2020 — Economy and Planning Minister Alejandro Gil Fernandez appeared on Thursday’s “Roundtable” State TV program in an effort to calm the growing popular discontent over hard-currency stores. His words, however, had the opposite effect. The minister’s statements outraged many Cubans, who expressed disagreement on the streets and in social media. Most … Continue reading “Dollar Stores Subsidize Social Justice, Says Cuba’s Economy Minister”

Soldiers Deployed to Guard Hard Currency Stores

14ymedio, Havana, December 1, 2020 — The areas around several Havana stores have been under heavy guard by military and special forces troops since Monday when windows in one of the stores were smashed. Purchases at these stores, known locally as MLCs (the Spanish initials for “Freely Convertible Currency”), can only be made with foreign currency, … Continue reading “Soldiers Deployed to Guard Hard Currency Stores”

Cuba’s Constitution Reform Will Keep Communist Party As “Leader” Of Society

14ymedio, Havana, 27 March 2018 — The Communist Party of Cuba (PCC) will maintain the “leading role in Cuban society” and socialism will remain “irrevocable” after the Constitution reform, now underway on the island, is concluded this week by the 5th Plenum of the Central Committee of the Communist Party, the only political organization allowed … Continue reading “Cuba’s Constitution Reform Will Keep Communist Party As “Leader” Of Society”

The EU Offers Cuba Help in Unifying Its Currency

EFE, via 14ymedio, Havana, 1 February 2018 — The European Union (EU) has offered to share its experience in transitioning to the euro to aid Cuba in its transition to a single currency, one of the main challenges facing in the Cuban economy and something some experts believe could happen this year. The European Commission’s … Continue reading “The EU Offers Cuba Help in Unifying Its Currency”