Díaz-Canel announces start of monetary ordering process

In an unusually fast message to the nation, after the prime-time national TV newscast, Cuban President Miguel Díaz-Canel announced the start of the ordering process, a category that refers to the long-delayed process of monetary and exchange unification.

With Raúl Castro by his side, the president said that this process would take place based on the fundamental concepts previously outlined in the last two congresses of the Communist Party. And he added: “In the conceptualization of the Cuban economic and social development model of the socialist model, in its chapter I, the redesign of the monetary, exchange, tax, price, wage and citizens’ higher income system, among other aspects, is established.”

He also referred to the Guidelines, specifically number 40, which establishes “to conclude the process of monetary and exchange unification as a decisive process in the monetary ordering of the country.”

These steps will begin on January 1 with the exit from circulation of the convertible peso (CUC), leaving the Cuban peso (CUP) as the country’s only official currency, with a single official exchange rate of 24 pesos per dollar.

“We reiterate the transcendence and importance of this task, which will put the country in better conditions to carry out the transformations required by the updating of our economic and social model based on guaranteeing all Cubans the greatest equal rights and opportunities,” he said.

He also announced that from now on detailed information on the measures and concrete actions included in this ordering process will be given to the population.