President of Cuba: Banking Seeks National Economic Development

The president of Cuba, Miguel Díaz-Canel, assured that banking is one of the processes that can help overcome the existing distortions in the Cuban economy.

Díaz-Canel considered that the Cuban population has criteria and practices that make the development of the process difficult, although it is increasingly familiar with the subject. He also recognized that progress in the implementation of the process of banking operations is insufficient to achieve the planned objectives.

For the president, the development of banking has strategic importance, so he has designed “an action plan that includes severe control in the shortest possible time to correct the existing distortions.”

Diaz-Canel commented that if this mechanism does not end successfully, it is due to inadequate control.

He assured that an orderly, well-controlled banking process, responding to the purposes of its design, should lead to solving cash problems of availability and would help eradicate tax evasion, he assured.