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Cuba optimizes its financial machinery for 2005
CUBA is today optimizing its
financial machinery given what will be an increase
in external flows from the island in 2005, a product
of the positive economic prospects announced by
President Fidel Castro in the Cuban Parliament.
During an ordinary session of the
National Assembly of People’s Power (single-chamber
Parliament), the Cuban leader spoke of important
agreements signed with China and Venezuela.
Those are complemented by
increased investments in the nickel sector and the
discovery of a new oilfield on the island with
reserves of approximately 14 million tons.
In the face of those events, the
Central Bank of Cuba (BCC) has drawn up a new
resolution with a view to optimizing the functioning
of the country’s economic activities.
According to resolution No
92/2004, starting in 2005 all the hard-currency
income received into the Central Bank via
contributions, taxes and retail outlets will be
deposited in the BCC in an account known as “Sole
account for state hard-currency income.”
In their turn, all entities that
receive convertible pesos (on a par with the dollar)
via this route must always purchase them with Cuban
pesos.
In parallel, income proceeding
from joint enterprises or other joint businesses in
respect of dividends from the Cuban party will be
deposited in this account.
Likewise, from January 1,2005,
the Hard-Currency Approval Committee, presided over
by the emitting body, will authorize operations in
convertible pesos as well as transactions in hard
currency.
In this new phase, the resolution
states, the above-mentioned committee will be
reinforced by specialists from various ministries to
analyze and operate in an expedite form in order to
avoid obstacles and delays that might affect
enterprise efficiency.
The document affirms that the
practice whereby the enterprises of an agency
contribute convertible currency to that agency for
internal redistribution is to be abolished in the
first quarter of 2005.
Those contributions will
similarly be concentrated in the sole hard-currency
account in the BCC.
The convertible peso requirements
of enterprises producing for the ration system or
for sales in national currency will be centrally
assigned, always via their purchase with Cuban
pesos.
Thus Cuban banks will no longer
process transactions in convertible pesos or hard
currency from Cuban agencies that are not authorized
by the Hard-Currency Approval Committee.
The objective of these measures, concludes the
resolution, is a more efficient use of the countries
hard-currency resources and to give a greater
guarantee to the Cuban entities’ external
commitments. (PL)
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