Monetary reform in Cuba will not leave anybody behind

The deputies of the National Assembly of People's Power, the Cuban Parliament, have been updated on the process of monetary regulation in Cuba.

Marino Murillo Jorge, head of the Commission for the Implementation and Development of the Guidelines, reiterated that the decision to carry out the process under the current circumstances is based on the fact that it cannot be guaranteed that in one year, for example, the context will be better.

He explained that it is a priority to resolve the duality of exchange rates, the monetary one, eliminate excessive gratuities and inappropriate subsidies, and carry out a transformation of income.

The exchange rate unification will lead to a high devaluation, and, for example, imported goods will increase in value and therefore, wholesale prices will also increase.

He reiterated that the whole process will be accompanied by an increase in the income of salaried workers, pensioners, and social assistance beneficiaries, and that price containment  mechanisms will be established through agreements with the non-state sector.

Murillo Jorge said that the idea is to abandon the excessive subsidy of products and advance direct attention to those who need it under the principle of not leaving anyone behind.

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