Cuba eliminates double money over 25 years

La Habana – Since then, Cubans have been paying for the convertible peso, ending the monetary double circulation in the island for more than 25 years, leaving the Caribbean nation to emit Cuban pesos only.

Also known as CUC or the popular “chavito”, it began to emit in 1994 in parallel with the dollar to counter with a strong currency and confront the crisis crisis of the Soviet Union. Sondeverbod, groot verwarring en las cuentas nacionales haciéndolas poco transpares pues implicó además varias tasas cambiarias.

“Goodbye to CUC. The famous’ day close ‘of monetary and exchange unification and it is marketed in the national calendar’, published this year the official portal Cubadebate, giving confirmation of the announcement issued by the authorities of December.

Hasta la fecha había diferentas tasas de CUC que podian oscilar entre 12 y 24 por dolar. If the CUC has different prices it is importers, personal contractors for mixed companies or individuals.

In the last few years, there have been serious concerns about the elimination of the CUC, a month to which the Cuban acudians to complete the basic consumption needs to be on par with the cost of raising their living expenses by paying their wages. cubanos o CUP, el que quedará ahora. It will exchange a dollar for 24 CUP for all sectors.

“These reforms have been identified as unthinkable since time immemorial,” the Cuban economist and professor at the University of Cali, Mauricio De Miranda, wrote in his blog.

But the implementation is now “affecting the circulation sphere without ensuring an increase in the production of goods and services, and its insufficiency is the main problem that the Cuban economy has”, De Miranda said, for which there is a need allow a particular mayoral initiative such as the creation of cooperatives, permits for smallpox and median enterprises and in general the estimate of efficiency.

The governor also informs that the next operation in the foreign countries in foreign divisions on the other hand pays for everything in dollars through the middle cards, a form of money that is carried by the authorities.

The authorities will also be able to conclude these centennial resolutions and decrees in order to reorganize the entire monetary system, from the salaries, the social security and the tribunals or the tariffs.

Between them, the decision is to raise at least five times the minimum wage, which will be 2,100 Cuban pesos ($ 87). También also adjusts pensions and retirements, but it will be able to compile a list of basic product prices with increments in markets such as arroz, el azúcar o los huevos.

También also increased the energy, which used to be higher than the population that the authorities increased heroorweg the tariffs last week, although an important increase. Once and only once there were no basic products like medicines for chronic illnesses or the illnesses of the children who were hospitalized at the time when they were sick.

The process of legal reorganization at a time of crisis for Cuba, blamed on its ineffective proportions, the paralysis provoked by the pandemic in key sectors such as tourism and the increase in sanctions by President Donald Trump’s governor, some of the issues raised by his successor Joe Biden

The commencement of the elimination of the double monetary circulation also coincided with one of the most important ephemeris of the island, the triumph of the revolution that led to its 62nd anniversary this year.