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New Financial Elements in Cuban Economy |
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Monday, July 27, 2020
Havana.- The Cuban economy has opened establishments that operate in freely convertible currency to sell food, toiletries and hardware.
The measure adds new spaces to facilities that have been selling household appliances, electric motors and motor vehicles for several months.
Coupled with this is the lifting of the 10 percent levy on the US dollar to increase the purchasing power of that currency in the midst of an adverse economic context.
The 10-percent levy arose in 2004 in response to the prohibitions to operate with such currencies in foreign banks, which causes significant damage to the country's economy.
Authorities pointed out that the levels of food sales will be maintained in the other denominations that circulate in the country (convertible Cuban pesos and Cuban pesos).
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