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Cuba’s Central Bank prepares for
monetary unification
Lissett Izquierdo Ferrer
HAVANA.—The elimination of the dual currency and
exchange in the country is a critical task for the
Cuban banking system, Ernesto Medina,
minister-president of the Central Bank of Cuba
(BCC), stated.
 Speaking
to AIN on how the bank is preparing for “day
zero,” Medina explained that a working group has
been created, which is working jointly with the
State’s Central Administration organizations
participating in the process. He stated that the
organizations should unreservedly support the
implementation of monetary unification, which will
require logistical effort in all stages of the
process.
It is logical to establish the Cuban peso as the
only currency. If retail prices continue at their
current level, this will require more pesos to be in
circulation. The possibility of producing notes in
higher denominations is therefore being considered,
he stated.
We are looking to promote the use of magnetic swipe
cards, through the establishment of Point of Sale
Terminals (POS) in certain places, therefore
avoiding the use of cash and facilitating
operations, Medina added.
He emphasized that the bank is working with the
Ministry of National Trade, the Electric Union, the
Cuban Telecommunications Company, among other
organizations and entities in this regard, in order
to incorporate the POS in commercial locations.
Medina stated that currently the BCC is
coordinating with FINCIMEX, the company responsible
for the purchase and installation of the POS, which
already has a number of machines valued at 300
dollars each.
He emphasized that the elimination of the dual
currency in Cuba will not affect bank accounts, as
they will be automatically converted, in order to
protect clients. He also mentioned other measures
which are currently underway, such as research into
indicators measuring currency circulation, “which
will indicate the accuracy of the current levels of
monetary circulation in the population and the
business sector.”
Medina also noted that the banking system is focused
on macroeconomic measures, given that financial
institutions must have the necessary assets
available to meet the new credit capacity demanded
by the economy.
According to experts, currency unification, a policy
established in the Guideline No.55, is a necessary
process which will enable the maximum effectiveness
of the other measures currently underway to update
the country’s economic model. (AIN)
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