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Cuba: Cuba’s Dual Currency Isn’t the Only Obstacle

HAVANA TIMES – There has been a sudden avalanche of information in recent weeks, suggesting the proximity of a monetary reform in Cuba. It has unleashed a kind of collective nervousness capable of relegating the main focus of concern from the pandemic.

In the midst of such an intense environment, very little has been officially revealed. In reality, only the ratification of what does not require further confirmation. First, the currency / exchange duality is too stubborn an inertia to aspire to reverse the model’s dysfunctionalities. Secondly, it faces a decision of domestic economic policy that, like others, does not depend on any US government willingness.  

Thirdly, it should have advanced several years ago when it was started and stopped for unexplained reasons. And lastly, the current conditions for doing so are terrible. However, delaying it even longer would not bring any truce, in fact, quite the opposite.

That the monetary reunification process would begin in Cuba was the news of the day back on October 22, 2013. Granma newspaper published an official government timetable for its execution.  Four months later, on March 6, 2014, the Official Gazette published resolutions of the Ministry of Finance and Prices establishing the accounting standards and methodologies for setting wholesale and retail prices for legal entities.

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