Cuba highlights monetary reform for the private sector

especiales

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16 December 2020

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Havana, Dec 16 (Prensa Latina) Cuban Prime Minister Manuel Marrero said on Wednesday that Cuba's monetary overhaul does not seek to harm the private sector.

On his Twitter account, Manuel Marrero stressed that Cuba's main mission is to put all economic actors on equal terms.

'The Government diversifies and is committed to this sector that provides employment and development,' Marrero added.

With an interdisciplinary and cross-cutting nature, which implies the elimination of undue subsidies and gratuities, as well as the transformation of income, this task considered indispensable by Cuba's top authorities.

As of January 1, Cuba will have the Cuban peso (CUP) as the only official currency in the country, at a single exchange rate of 24 CUP per 1 dollar, thus eliminating the Cuban convertible peso (CUC) from circulation.

From then on, 19 new resolutions issued by the Ministry of Labor and Social Security regarding salaries, pensions and social assistance benefits will come into force.