{"id":226399,"date":"2020-08-21T11:49:00","date_gmt":"2020-08-21T15:49:00","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=226399"},"modified":"2020-08-21T11:49:00","modified_gmt":"2020-08-21T15:49:00","slug":"experts-monetary-unification-is-necessary-but-not-sufficient-to-update-the-cuban-economy","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/experts-monetary-unification-is-necessary-but-not-sufficient-to-update-the-cuban-economy\/","title":{"rendered":"Experts: monetary unification is necessary, but not sufficient, to update the Cuban economy"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/oncubanews.com\/contribute\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em><strong>Help us keep OnCuba alive<\/strong><\/em><\/a><\/p>\n<p>The long-awaited, but not yet materialized, monetary unification is a \u201cnecessary condition, although not sufficient, to reorder and update the <a href=\"https:\/\/oncubanews.com\/tag\/economia-cubana\/\" target=\"_blank\" rel=\"noopener noreferrer\">national economy<\/a>,\u201d said experts from the Central Bank of Cuba (BCC).<\/p>\n<p>In an analysis on the subject <a href=\"http:\/\/www.granma.cu\/cuba\/2020-08-19\/unificacion-monetaria-en-el-horizonte-de-cuba-19-08-2020-22-08-45\" target=\"_blank\" rel=\"noopener noreferrer\">published<\/a> this Thursday in the official newspaper <em>Granma<\/em>, the specialists referred to \u201cthe imperatives\u201d of eliminating the dual currency existing on the island since the 1990s, at a time when the island is going through \u201ca crisis aggravated by impacts of the COVID-19 pandemic on the global productive system and the tightening of the United States blockade against Cuba.\u201d<\/p>\n<p>After making a retrospective of the measures implemented for almost three decades to establish and regulate the monetary and exchange duality and the conditions for its intended dismantling, the experts addressed the underlying problems of the current scenario that, in their opinion, \u201cmust be solved urgently.\u201d<\/p>\n<p>Ian Pedro Carbonell, specialist at the BCC\u2019s General Department for Economic Policies, explained how the current duality \u201cgenerates distortions in the business sector and in the way the population interacts with it,\u201d while producing an \u201cinternal gulf between the retail price and wholesale price.\u201d<\/p>\n<p>\u201cOne of the problems that requires more attention is the exchange rate in the business sector (1 CUP equal to 1 CUC equal to 1 USD), which is what we call \u2018overvalued,\u2019 which represents a brake on productive capacities, discourages exporters and favors imports,\u201d he commented.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"q0jx9y27Os\"><p><a href=\"https:\/\/oncubanews.com\/cuba\/economia\/la-actual-coyuntura-monetaria-y-sus-implicaciones\/\">La actual coyuntura monetaria y sus implicaciones<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"\u00abLa actual coyuntura monetaria y sus implicaciones\u00bb \u2014 OnCubaNews\" src=\"https:\/\/oncubanews.com\/cuba\/economia\/la-actual-coyuntura-monetaria-y-sus-implicaciones\/embed\/#?secret=NUaqHZkGAr#?secret=q0jx9y27Os\" data-secret=\"q0jx9y27Os\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>In Carbonell\u2019s opinion \u201cthis situation has a considerable effect on the operation and the balance of accounts of enterprises, and makes it difficult to measure economic events and the effect that incentives should have.\u201d<\/p>\n<p>Regarding its impact on the Cuban population, he pointed out that \u201cthe difficulties are related, above all, to the cumbersome processes generated by having to use two national currencies, which has been corrected with the possibility of using both in many facilities.\u201d<\/p>\n<p><strong>The ideal environment<\/strong><\/p>\n<p>For her part, Karina Cruz, a specialist in the BCC\u2019s Department of Economic Studies, said that an ideal monetary environment in Cuba supposes the stability of the national currency as the key, which, in her opinion, \u201cis achieved by guaranteeing that the processes of money issuance correspond to the evolution of the real or productive economy.\u201d Also, avoiding inflationary processes \u201cthat occur when there is too much money in circulation and when prices go up, which affects the purchasing power of the currency and its credibility.\u201d<\/p>\n<p>\u201cA favorable scenario for the Cuban peso to fulfill its functions and to preserve macroeconomic balances,\u201d pointed out the expert, \u201cwould imply an exchange rate that brings the supply and demand of foreign currency closer; the existence of clear rules for monetary issuance, so that the economy has just the amount of money needed, and discipline between government income and expenditures (control of public debt).\u201d<\/p>\n<p>In addition, Cruz stressed the importance of \u201ccoordination between the agencies in charge of conducting macroeconomic policies, as well as moving from an administrative direction to the use of financial instruments, so that prices can offer signals for a better performance of consumers, producers and the general planning of the economy.\u201d<\/p>\n<p>To this she added the importance of \u201chaving a stable and quality supply of goods and services that can be purchased in the national currency,\u201d as well as \u201cthe need to create conditions that encourage people and enterprises to save and obtain credits in the national currency.\u201d<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"T8oxRU6JwV\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/cuba-between-the-crisis-the-adjustment-and-the-new-foreign-currency-stores\/\">Cuba, between the crisis, the adjustment and the new foreign currency stores<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Cuba, between the crisis, the adjustment and the new foreign currency stores&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/cuba-between-the-crisis-the-adjustment-and-the-new-foreign-currency-stores\/embed\/#?secret=GoiX5lEB9R#?secret=T8oxRU6JwV\" data-secret=\"T8oxRU6JwV\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>According to the specialist, work should be done on \u201cthe training all those involved in making this ideal environment as real as possible for Cuba,\u201d but she did not offer a roadmap or time horizon for this.<\/p>\n<p>This public analysis by BCC experts comes at a time when the Cuban government is promoting a group of measures to boost the depressed Cuban economy, including the opening of stores in freely convertible currency and the elimination of the tax on the USD.<\/p>\n<p>On more than one occasion, President Miguel D\u00edaz-Canel and other authorities have referred to the need to promote monetary unification, but so far no definitive steps have yet been taken.<\/p>\n<p>At the end of last year, D\u00edaz-Canel <a href=\"https:\/\/oncubanews.com\/cuba\/diaz-canel-en-la-asamblea-nacional-lo-mas-apremiante-es-el-ordenamiento-monetario\/\" target=\"_blank\" rel=\"noopener noreferrer\">affirmed<\/a> that for the island\u2019s economy \u201cthe most pressing thing is the monetary organization,\u201d while Minister of Economy Alejandro Gil clarified saying that the monetary unification would not be done \u201cagainst the clock\u201d but \u201cwhen the conditions are created.\u201d Even so, in the current economic scenario caused by the pandemic, monetary unification, according to <em>Granma<\/em>, is \u201con the horizon for Cuba.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Help us keep OnCuba alive The long-awaited, but not yet materialized, monetary unification is a \u201cnecessary condition, although not sufficient, to reorder and update the national economy,\u201d said experts from the Central Bank of Cuba (BCC). In an analysis on the subject published this Thursday in the official newspaper Granma, the specialists referred to \u201cthe [&hellip;]<\/p>\n","protected":false},"author":3134,"featured_media":226400,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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