Political Prisoners of the Empire  MIAMI 5     

     

N E W S

Havana.  October 22, 2013

Official Note

ECONOMIC and Social Policy Guideline No.55 of the Party and the Revolution, approved by the 6th Congress of the Communist Party of Cuba, proposes that the country will, "Advance toward monetary unification, taking into account the productivity of labor and effectiveness of distributive and redistributive mechanisms. Given its complexity, this process demands rigorous preparation and execution, on both the subjective and objective planes."

To fulfill said Guideline, the Council of Ministers has agreed to initiate the implementation timeline for measures which will lead to monetary and currency exchange unification.

As has been stated, monetary and currency exchange unification is not a measure which will, in itself, resolve all of the economy’s current problems, but its implementation is indispensable to reestablishing the value of the Cuban peso and its function as money; that is to say, as a unit of accounting, payment and savings. This measure, in conjunction with other policies directed toward the updating of our model, will allow for the ordering of the economic environment and, consequently, the accurate measurement of its performance.

The process of monetary unification will be initiated for incorporated entities and for individuals.

The principle changes in this first stage will affect incorporated entities, with the purpose of developing the conditions which will lead to increased efficiency, more accurate measurement of economic activity and incentives for those sectors which produce goods and services for export and to replace imports.

The process will begin with a period of preparation of conditions which will allow for the development of proposed legal norms, the design of changes in data processing systems used in bookkeeping and adjustments to accounting regulations. This will likewise be an essential stage for the training of those persons who will carry out the implementation of different changes.

Army General Raúl Castro Ruz, in his speech closing the 1st Ordinary Session of the National Assembly of People’s Power 8th Legislature, this past July, stated the following in regards to the Guideline implementation process, "I wish to reiterate the conviction that progress has continued on this front of strategic significance and that the first encouraging results are beginning to be seen, while it is also true that ahead lies a long and complex road to update our economic and social model, ensuring that this process has majority support of the population, which excludes the use of shock therapies and the abandonment of millions of persons, characteristic of the cutback policies implemented over the last several years in various nations of rich Europe."

As has been the practice followed over the years by the Cuban Revolution, no monetary measure will be adopted to the detriment of those who lawfully obtain their income in CUC or CUP. In this instance, the process of monetary unification will respect the principle that the confidence shown by persons who have kept their savings in Cuban banks in CUC, other international currencies, or CUP, will remain intact. To continue are current policies of subsidized retail prices and subsidies to individuals in need, as long as the economic conditions in the country demand. The CUC, and the CUP equally, are Cuban currencies issued by the Central Bank of Cuba and will continue to enjoy its total backing.

In the future; the option will continue to be offered, as it is today, that stores which operate in CUC may accept payments in CUP via debit cards denominated in this currency. Experimentally in selected sites, CUP payments will be accepted in cash for the equivalent, based of the current CADECA exchange rate of 25 CUP to 1 CUC.

In accordance with the progress of the timeline’s execution, details about measures to be taken at any given time will be presented to both entity specialists who will be participating in their implementation, and to the population.
 

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