Monetary ordering will guarantee fewer obstacles in Cuba's economy

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Monetary ordering will guarantee fewer obstacles in Cuba's economy
Fecha de publicación: 
9 October 2020
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Cuban President Miguel Diaz-Canel on Thursday assured that the monetary reordering will guarantee fewer obstacles in the economic and social strategy being implemented in the country.

Speaking on Cuban television, along with Prime Minister Manuel Marrero, the president noted that the monetary unification and the wage, pension and price reforms are among the main issues in the strategy.

'Monetary and exchange unification is not a magic solution to our economic and financial problems, but it should lead to increasing labor productivity and a more efficient performance by the productive forces,' the president pointed out.

Diaz-Canel explained that the process to eliminate the Cuban convertible peso (CUC), one of two currencies circulating legally in the country, will guarantee bank deposits in any currencies, both national and foreign.

He mentioned improvements in the purchasing power of people and pensions, as well as the elimination of subsidies; however, social assistance will support those who do not have enough incomes, while free health care and education will be preserved, as established in the Constitution of Cuba.

'In a first stage, the ration card will continue to be in force as a formula to ensure people's access to basic products like food and to prevent hoarding,' Diaz-Canel pointed out.

The head of State said that other details about the implementation of this strategy will be informed next week with the participation of ministers and other officials in the Round Table (Mesa Redonda) TV program.

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