In his address to the extraordinary session of the National Assembly of People’s Power, he explained that this would allow private banks to operate under the supervision of the Central Bank of Cuba.

  He also noted that the transformations seek to eliminate restrictions on payments in foreign currency and allow legal entities and individuals to open foreign currency accounts without lengthy bureaucratic procedures.

  Marrero also indicated that the plan includes creating financial entities specializing in virtual assets.

  The proposals also include restoring the role of bank credit as an essential function in the economy and simplifying its approval processes, formalizing remittance flows through a private channel, and designing other avenues for bank capitalization, he stated.

  Likewise, the transformations are aimed at resizing the official exchange market, with the participation of non-state economic actors. This includes granting licenses for private exchange houses and implementing a foreign exchange auction system.

  Marrero explained that successive devaluations of the national currency are planned to reduce exchange rate differences and establish a “one-stop exchange window” for all economic actors.

  The Cuban Prime Minister emphasized on the need to improve the tax system and design tariffs and incentives that favor production processes and agricultural activities.

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