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Cuba decentralizes retail prices of products in Cuban pesos

Cuba, descentralización, precios, productos, pesos

Cuba decentralizes retail prices of products in Cuban pesos

Havana, Apr 12 (Prensa Latina) Cuba decentralizes a group of retail prices in Cuban pesos (CUP) for products marketed by chain stores and related entities, the Ministry of Finance and Prices (MFP) reported today.
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According to Resolution 81 of 2022, issued by that body in the Ordinary Official Gazette of the Republic of Cuba No. 38 of this year, the heads of chain stores and other marketing entities are given the power to approve said prices.

However, several essential products with a high impact on the population remain centralized, such as edible oils, chicken (thigh and breast), minced poultry, beef and Havana Club rums.

Also exempt from the new measure are domestically produced economic hygiene and cleaning items such as toilet and bath soaps, detergents, toothpaste and gel, deodorants and floor blankets.

The legal provision gives continuity to the gradual process of decentralization of powers to the business system to set retail prices in Cuban pesos, the MFP published on its social networks.

In addition, it establishes that current general principles be taken into account, with a comprehensive evaluation of costs and expenses with criteria of rationality and efficiency, as well as the correlation with market benchmarks.

Specifically, it empowers the President of the Business Administration Group to establish retail prices for products sold by the Store Chains under his care, when required.

The new regulation annuls Resolution 346, issued by Meisi Bolaños, Minister of the MFP, which establishes centralized retail prices of products that are marketed by chain stores, except for the selection of the specified economic line.

The President of the Business Administration Group will report to the MFP on the results obtained from the decentralization process, at the end of this year.

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