Home » Addressing Price Issues: Proposed Measures in Cuba for Market Control and Exchange Rate Management

Addressing Price Issues: Proposed Measures in Cuba for Market Control and Exchange Rate Management

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Addressing Price Issues: Proposed Measures in Cuba for Market Control and Exchange Rate Management

Journalist Alberni Poulot Cumbá not too long ago penned an article within the Cuban state media Tiempo 21 tackling the urgent difficulty of costs on the island and proposing a collection of measures to deal with the present scenario.

In the article, Poulot Cumbá highlights the need of controlling the alternate market and entry to currencies as an important step. He means that any gross sales of international foreign money outdoors official channels ought to be deemed unlawful and met with extreme penalties to curb hypothesis and resize the market.

The former Minister of Economy of Cuba, Alejandro Gil Fernández, introduced final December the federal government’s plans to implement measures to extend state regulation within the financial system, together with intervention within the alternate market. He emphasised the necessity to get well state management over international alternate to deal with present distortions.

While formal proposals concerning a brand new official fee for the alternate market in Cuba haven’t but been offered, the federal government had expressed intentions to think about concepts concerning the brand new greenback fee final February.

Poulot Cumbá additionally proposes offering liquidity in international foreign money to corporations, MSMEs, cooperatives, and particular person producers with export potential to spice up manufacturing and meet social calls for. Additionally, he helps the existence of shops promoting in convertible foreign money (MLC) regardless of acknowledging the social inequality they might perpetuate, as he believes the income from these shops is crucial to maintain important social packages.

Overall, Poulot Cumbá’s article sheds gentle on the complexities of the Cuban financial system and affords insightful ideas to navigate the present financial challenges dealing with the island.

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