Skip to content
June 25, 2022
  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Reddit
  • Telegram
  • TikTok
  • LinkedIn
Orinoco Tribune – News and opinion pieces about Venezuela and beyond

Orinoco Tribune – News and opinion pieces about Venezuela and beyond

From Venezuela and made by Venezuelan Chavistas

Primary Menu
  • News
  • Opinion
  • About us
    • About us
    • Who we are – Becoming a Volunteer
    • Editorial guidelines for contributors
    • Our Sources
      • Venezuelan Sources
      • International Sources
    • Contact us
  • Categories
    • Politics
    • Economy
    • Security and Defense
    • International
      • Africa
      • Asia
      • Europe
      • Oceania
      • US/Canada
    • Latin America and ALBA-TCP
      • South America
      • Central America and the Caribbean (+Mexico)
    • Ideology-Commune-Labor
    • Health-Education-Sport-Culture-Technology
    • Solidarity and Social Movements
    • OT Originals
  • Support Us
    • Tax Deductible Donations: AfGJ Fiscal Sponsorship Program
    • Patreon (recurrent donations)
    • PayPal and Credit Cards
Light/Dark Button
YouTube Channel
  • Home
  • News
  • Monetary Order in Cuba with Medium and Long-Term Effects
  • Central America and the Caribbean (+Mexico)
  • Latin America and ALBA-TCP
  • News

Monetary Order in Cuba with Medium and Long-Term Effects

January 1, 2021
Havana, Dec 28 (Prensa Latina) The new monetary order in Cuba will have medium and long-term effects, but in the short term, the positive impacts on productive activity will be minimal, academics warned.

Reflecting on the significance of this process underway in t Cuban Economy, affirms that this forecast leaves aside the possibility that at least in the first year there are appreciable gains in purchasing power in the population groups.

Cuban authorities decided to move towards monetary and exchange unification, a complex process that implies wide-ranging modifications in various economic-financial aspects, which are also inevitably necessary to see their first results, Torres added.

RELATED CONTENT: Cuban Foreign Minister: “Monetary Reform Will Increase Support While Stimulating Production”

Speaking to Prensa Latina, the economist explained that since the wealth created does not change in the initial moments, any increase in purchasing power in a group implies an equivalent loss in the rest of the actors.

In this regard, he explained that ultimately the increase in real consumption and the standard of living depend on sustained increases in productivity, which have to do with measures of greater significance.

Torres recalled that the ordinance is designed with an interdisciplinary and cross-cutting nature, which includes monetary and exchange unification, the elimination of excessive subsidies and undue gratuities, as well as the transformation of income, all to advance the country’s economic strategy.

In his opinion, unfortunately, and despite the fact that the fundamental political documents dictate clear guidelines for some of these measures, their implementation has been slow and unstructured, which limited the impact of those that were implemented.

RELATED CONTENT: US Attack: Treasury Department Imposes New Sanctions on Cuba and Nicaragua

Ultimately, the standard of living of the inhabitants of a country depends on the trajectory of productivity and this depends on structural factors, so that transformations in the nominal sector can facilitate other changes, but they are generally useless by themselves, he asserted Towers.

For the student of the Cuban economy, the full implementation of the provisions of the monetary system is justified by the conviction shared by broad sectors of the government and academics, based on their impact on the success of other necessary changes in the reform.

There are, however, disagreements in the sequence and scope of its implementation, but in any case it will be one of the most important transformations in the Cuban economic environment in the last 30 years, predicted the doctor in Economic Sciences from the University of Havana.

 

 

Featured image: File Photo.

(Prensa Latina-English)

Want More?

Don't want to be a victim of the Algorithm?

SIGN UP TO RECEIVE OUR WEEKLY NEWSLETTER WITH ALL YOU NEED TO KNOW ABOUT VENEZUELA

We don’t spam! Read our privacy policy for more info.

Editor2
+ posts
  • Editor2
    https://orinocotribune.com/author/yullma/
    Japan urged to scrap law forcing transgender people to be sterilised before they can transition
  • Editor2
    https://orinocotribune.com/author/yullma/
    South Africa: Parliament Votes in Favor of Land Expropriation Without Compensation
  • Editor2
    https://orinocotribune.com/author/yullma/
    Haiti suspends fuel price hike after deadly protests
  • Editor2
    https://orinocotribune.com/author/yullma/
    US only country in the world to vote against work of UN refugee agency
Tags: Cuba Economy Monetary order

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Continue Reading

Previous Previous post:

Venezuela Meets the Goal of Delivering 400 Thousand Homes in 2020, 3.4 Million Total

Next Next post:

Media Dependent on Cyber-Business Against Cuba

Tax deductible donations

One time donations

Recurrent donations

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

NEWS: Most Viewed 72 Hours

Categories

Subscribe to Our Weekly Newsletter

We keep your data private and share your data only with third parties that make this service possible. Read our Privacy Policy.

Check your inbox or spam folder to confirm your subscription.

OPINION: Most Viewed 72 hours

We are on Telegram


Receive our news directly in your cellphone or PC, join us on our TELEGRAM channel: https://t.me/OrinocoTribune1

Download TELEGRAM, click the link above and then press the JOIN button.

We are Copyleft not Copyright


Creative Commons License
All Orinoco Tribune's work is free to use and licensed under a Creative Commons Attribution 4.0 International License.

We are on Reddit


If you are more into REDDIT, join our Orinoco Tribune Community.
Just click below and then click JOIN
https://www.reddit.com/r/OrinocoTribune/

 

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Reddit
  • Telegram
  • TikTok
  • LinkedIn
Copyleft, No rights reserved.