{"id":211249,"date":"2019-12-24T13:29:17","date_gmt":"2019-12-24T18:29:17","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=211249"},"modified":"2019-12-24T13:29:17","modified_gmt":"2019-12-24T18:29:17","slug":"diaz-canel-in-national-assembly-whats-most-pressing-is-the-monetary-organization","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/diaz-canel-in-national-assembly-whats-most-pressing-is-the-monetary-organization\/","title":{"rendered":"D\u00edaz-Canel in National Assembly: \u201cwhat\u2019s most pressing is the monetary organization\u201d"},"content":{"rendered":"

Cuban President <\/span>Miguel D\u00edaz-Canel<\/span><\/a> this Saturday assured the National Assembly that, although there is much to be resolved on the island, \u201cwhat\u2019s most pressing is the monetary organization.\u201d<\/span><\/p>\n

\u201cNo one can calculate, even the wisest of the wise, the high cost that monetary duality has meant for the state sector,\u201d said the president to the deputies gathered at the last parliamentary session of the year, in which the budget and the economic plan for 2020 were approved and the until now minister of tourism, Manuel Marrero, <\/span>was appointed<\/span><\/a> Prime Minister of Cuba.<\/span><\/p>\n

In his address to the Assembly, D\u00edaz-Canel reported that the monetary system is \u201cin an advanced state of study and approval, validation of each issue, development of legal norms, training processes, political guarantee and social communication,\u201d according to <\/span>the review published<\/span><\/a> by the official Cubadebate<\/em> website.<\/span><\/p>\n

In addition, he referred to the complexity of \u201caspects closely related to monetary duality, which will be applied in the previewed sequence.\u201d<\/span><\/p>\n

\u201cThis is not a currency exchange, bank deposits, in foreign currencies, the convertible peso and money in the hands of the population will be guaranteed,\u201d said the president.<\/span><\/p>\n

With these statements, D\u00edaz-Canel again puts the issue of monetary unification in the spotlight as a government priority, after Minister of Economy Alejandro Gil had previously lowered the pressure on the issue amid growing rumors of an imminent measure in that direction.<\/span><\/p>\n

In an interview <\/span>with the French press agency AFP<\/em><\/span><\/a>, Gil said that monetary unification would not be carried out \u201cagainst the clock\u201d but \u201cwhen conditions are created,\u201d although he acknowledged that \u201cthe future currency of the Cuban economy is the CUP\u201d and that \u201csteps in that direction are being taken.\u201d<\/span><\/p>\n

The minister also said that when the time comes \u201cthe population is not going to be affected and the conditions will be created to minimize the effects,\u201d but he said that there is still no definition on how to handle the different exchange rates existing on the island, between the so-called Cuban peso (CUP), the convertible peso (CUC) and international currencies.<\/span><\/p>\n

Regarding this, he said to AFP<\/em> that \u201cwe have many distortions when it comes to measuring performance.\u201d\u00a0<\/span><\/p>\n

Ministro de Econom\u00eda: \u201cla unificaci\u00f3n monetaria se har\u00e1 cuando est\u00e9n creadas las condiciones\u201d<\/a><\/p><\/blockquote>\n