US EditionCuba Opens Doors to Dollar Transactions as Its Economy ...
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8 Articles
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Independent EspañolBy ANDREA RODRIGUEZ HAVANA (AP) — Cuban officials on Friday defended a package of financial measures that will allow dollar transactions in commercial operations and activities, primarily exports, in an effort to stimulate a struggling economy. The measures — published this week in the Official Gazette — aim to “boost economic activity and increase foreign income,” Ian Pedro Carbonell, director of Macroeconomic Policy at the Central Bank of Cuba…
In an attempt to strengthen the centralized economy and increase control over currencies in the face of their scarcity and sustained inflation, the Cuban regime legalizes operations in foreign currency, prioritizing activities related to exports, import substitution and other sectors that the Government considers strategic. The measure, stipulated in Decree-Law 113, will enter into force as of next Wednesday (17 December). The regulatory package…
On Thursday, the Cuban Government published in the Official Gazette a series of regulations that formalize the use of foreign currency on the island, formalizing the growing dollarization promoted by the Executive in the midst of the serious crisis that the country is suffering. The regulations affect all economic actors, both legal and natural persons, and refer repeatedly to the exchange rate, but do not establish a new rate, as the Executive …
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Ulysses Toirac satirizes dollarization in Cuba by proposing "pesolar", criticizing the monetary chaos and recent government measures that legalize foreign exchange transactions and affect the Cuban peso.
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