Havana, Jan 23 (Prensa Latina) With the present monetary overhaul in place in Cuba, the business system has more power and autonomy, but it must be efficient, government authorities said.
On January 1, the Overhaul Task was enforced in the country, leading to the elimination of the monetary duality and the adoption of a reference exchange rate of 24 Cuban pesos per dollar, a process that aims to resolve a distorted monetary context with structural deformations.
Until then, the exchange for state enterprises was one peso per dollar, in which scenario, domestic raw materials were more expensive than imported ones, but with the devaluation of the currency with the exchange of 1x24, costs for the business sector became cheaper.
Directors of the Ministries of Economy and Planning and Finance and Prices claim this measure, in economic and financial terms, supports the new economic and social strategy of the country.
It is about solving a distorted monetary environment in which it is very difficult for the economy to operate naturally, due to the structural deformations, for which it is necessary to manage the economy administratively.
It is also a spur to those who export and a discouragement to those who import, since companies that manage to sell their products or services abroad will have a large profit, since they will receive 24 Cuban pesos for every dollar they get.
For this reason, the head of the Commission for the Implementation and Development of the Guidelines, Marino Murillo, has insisted that the most efficient enterprises will be those that avoid imports and use Cuban productions.
So much so, that in the business sector, the distribution of profits and payment for a good performance of its workers are the main ways to encourage talent and professionalism, for which the limit is set by efficiency.
With the monetary overhaul, favorable conditions are created in the business system in order to unleash all its productive forces and create more wealth for the nation, something necessary for the real economy to react with the least amount of obstacles possible.
However, in the current circumstances, a group of Cuban enterprises will have to make an effort to withstand the devaluation process, but others (some 426) will not be able to assume it and will have losses, at least during the first year.
To this end, the State will provide 18 billion pesos to help them overcome this situation and prevent the dismissal of workers or ensure that basic services reach the population.
ef/aph/agp/crc
Until then, the exchange for state enterprises was one peso per dollar, in which scenario, domestic raw materials were more expensive than imported ones, but with the devaluation of the currency with the exchange of 1x24, costs for the business sector became cheaper.
Directors of the Ministries of Economy and Planning and Finance and Prices claim this measure, in economic and financial terms, supports the new economic and social strategy of the country.
It is about solving a distorted monetary environment in which it is very difficult for the economy to operate naturally, due to the structural deformations, for which it is necessary to manage the economy administratively.
It is also a spur to those who export and a discouragement to those who import, since companies that manage to sell their products or services abroad will have a large profit, since they will receive 24 Cuban pesos for every dollar they get.
For this reason, the head of the Commission for the Implementation and Development of the Guidelines, Marino Murillo, has insisted that the most efficient enterprises will be those that avoid imports and use Cuban productions.
So much so, that in the business sector, the distribution of profits and payment for a good performance of its workers are the main ways to encourage talent and professionalism, for which the limit is set by efficiency.
With the monetary overhaul, favorable conditions are created in the business system in order to unleash all its productive forces and create more wealth for the nation, something necessary for the real economy to react with the least amount of obstacles possible.
However, in the current circumstances, a group of Cuban enterprises will have to make an effort to withstand the devaluation process, but others (some 426) will not be able to assume it and will have losses, at least during the first year.
To this end, the State will provide 18 billion pesos to help them overcome this situation and prevent the dismissal of workers or ensure that basic services reach the population.
ef/aph/agp/crc
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