Galloping inflation in Cuba (nd-aktuell de)
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Decoding Cuba’s currency reforms
Updated:
Updated:
January 11, 2021 22:39 IST
Cuba will gain from a unified peso but it must take citizens along in order to implement the new reforms
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Cuba will gain from a unified peso but it must take citizens along in order to implement the new reforms
The devaluation of the Cuban peso (CUP) and the withdrawal of the convertible peso (CUC), the second currency of the country, neither of which can be traded internationally, caps Cuba’s gradual economic transition since the end of the Soviet Union.
The reforms that came into force on January 1 aim to eliminate price distortions arising from multiple exchange rates and reduce Cuba’s dependence on imports of basic commodities. These conditions have been exacerbated by the fallout from the COVID-19 pandemic, decline in the export of the nation’s famed medical services, the depletion of foreign exchange revenues from tourism, and the crippling impact of U.S. economic sa
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On Jan. 1, the 62nd anniversary of Cuba’s revolutionary victory, the government is implementing a sweeping economic policy with reorganization of the monetary system to promote more efficiency and greater production. It comes at a crucial time when the U.S. blockade and the impacts of COVID-19 are creating deeper difficulties for the Cuban people.
Cuba’s socialist system enabled the people and government to weather the storm of 2020 and save lives in a way that U.S. capitalism could not and did not do. The most telling example is Cuba’s unified effort to overcome COVID. Only 145 people have died from the virus, just 1.2 percent of the per capita COVID death rate in the United States. And Cuba’s outstanding internationalist medical workers went to dozens of countries to help beleaguered peoples in their crisis.
i think the most important thing is that we re supporting the cuban people who are now engaged in private enter prize. raul castro has initiated reforms that permit people to have their own businesses, private restaurants for example are booming. and we re able to support this initiative. paul, one year later the embargo remains in place, but what purpose could it still have and what can we when can we expect to be lifted? i don t think it s going to be lift ted until the congress plays a greater role in this. and i appreciate what chris said about more tourism. certainly hundreds of millions of dollars have been going into cuba in the last year since the president s initiative. the problem is the average cuban cannot use the convertible peso. so most of the money coming in from tourism is skimmed off by the government. they control the labor, they control investment, they control
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