Currency Unification in Cuba

Currency Unification in Cuba

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It is really difficult to understand and write about the currency unification in Cuba to eliminate money duality and foreign currency exchange as part of the application of the Guidelines passed in the 6th Congress of the Cuban Communist Party and the necessary transformations in the complex field of economy.

Some readers have expressed their nonconformity about the information in the media, and say there are more interrogations than answers.

It is obviously a complex topic and has to be with finance possibilities of the family that places the rate of foreign exchange as the main aspect, hoping the wages could gain effectiveness in facing the priority needs.

Treatment will never be complete, for a matter of space, and because as a process itself, it has its well defined periods, which gradually appear and each of them, has its own characteristics. Nevertheless, it is worth a journalist approach in this case with the collaboration of prestigious doctors in Economy Sciences: Joaquin Infante Ugarte and Francisco Perez Rosado who prefer the unification in the State socialist enterprise, main link of the Cuban economy.

“Currency duality was the result of the negative impact in the Cuban economy of the destruction of the socialist field, what brought a weakness in the Cuban currency,” said Perez Rosado.

“In certain period, it had positive aspects, in the extent it was contributing to the non-inflationary growth. On the other hand, it allowed the formation of a competitive environment in those branches that directly performed in the foreign currency market,” he considered.
“However, nowadays, it conspires against the successful development of the economy. I admit currency duality has become negative, it is sensible to assert that unification will permit eliminate malformations in the economic measuring finance system of the enterprises, in an extent there is only one countable system.

So there are entities that have two accountabilities and it does not allow property register the economic matters. On the other hand, when elaborating the index of costs of the products, the process turns extremely complex, what negatively influences in the right determination of the prices and the real correspondence with those internationally established.

“Unification will also favor the exportation enterprises whose incomes will increase, and the artificial stimulus in importation that is supposed at present with the existence of a currency exchange rate today of a CUP equivalent to a CUC will be eliminated.

“Many people ask: “If duality has turned so negative and we are conscious of that, why does the process consider gradual periods for the unification?

“The answer is there should be accountability norms, because there is no reference of a kind of change for the entire economy, that is, we need a rate of economic exchange scientifically supported. It is needed a gradual evaluation of the impacts on this branch and public finances to introduce complementary measures required,” he stressed.

Doctor Infante considered that for the Cuban economy considers important that the businessmen could use finance states as a real instrument of direction, without carrying out non valid operations of the accountable registers to better know the value of their productions, profitability and competitiveness

“And also to get an active and effective participation of the workers in the productive process, so they will be conscious the real value of their job, expressed in the additional gross value.”

“The economic-finance changes will either benefit the export or import entities, because they will increase the incomes of foreign currency, while financially stimulating those entities and even their workers,” he finally said.

Acerca del autor

Graduado de Profesor de Educación General en el Instituto Superior Pedagógico Félix Varela, de Villa Clara, Cuba (1979). Ha laborado en la Revista Juventud Técnica, semanario En Guardia, órgano del Ejército Central, periódicos Escambray, CINCO de Septiembre y Granma. Desde el año 2007 es corresponsal de Trabajadores en la provincia de Cienfuegos. Está especializado en temas económicos y agropecuarios. En 1999 acompañó en funciones periodísticas a la segunda Brigada Médica Cubana que llegó a Honduras después del paso del huracán Mitch. Publicó el libro Verdades sin puerto (Editorial cubana MECENAS). Ha estado en otras tres ocasiones en esa nación centroamericana, en funciones periodísticas, impartiendo conferencias a estudiantes universitarios, asesorando medios de comunicación e impartiendo cursos-talleres sobre actualización periodística a periodistas y comunicadores. Multipremiado en premios y concursos internacionales, nacionales y provinciales de Periodismo. Fue merecedor del Premio Provincial Periodístico Manuel Hurtado del Valle (Cienfuegos) por la Obra de la Vida – 2012. Le fue conferido el Sello de Laureado, otorgado por el Sindicato Nacional de Trabajadores de la Cultura (SNTC). Mantiene evaluación profesional de Excepcional.

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