Elimination of the CUC will be carried out under current conditions

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The Cuban government plans to develop monetary and exchange unification in the short term, even in the midst of the complex economic situation in the country, as announced by President Miguel Díaz Canel, who also indicated that information will be provided in the coming days. detailed to the population about the end of the dual currency and exchange rate.

In his special intervention this Thursday at the Round Table, he said that progress will be made in the monetary reform, even in the current complex circumstances, because, although it will not be the solution for all the problems, it will allow the correction of a good part of them. He assured that at this time the training of the personnel who will intervene is continuing, and in that sense he gave veracity to the previous leaks on the subject.

“Unfortunately, there were leaks of people who have participated in the training courses. They leaked study information that does not have all the elements, with partial results, therefore, the information was mutilated, "he said, referring to the documents leaked at the end of September that showed a considerable rise in prices, something that is only a part of the matter because it will also be accompanied by an increase in wages and pensions.

The president also admitted that in Cuba there is a dollarization of the economy, a term that the head of the sector had flatly denied: "We have had to introduce a necessary and undesirable partial dollarization of our economy," Díaz Canel said on Thursday, referring to the opening of stores in Freely Convertible Currency (MLC) in which only those who have US dollars (USD), Canadian dollars (CAD), EUROS and other foreign currencies can buy.

He explained that the elimination of the CUC will not be like the currency exchange carried out at the beginning of the revolution, the Cuban peso will simply remain and will have a convertibility with foreign currency. He assured that the Cuban state will guarantee all deposits of natural and legal persons regardless of the currency in which they are located in the banks.

"It is not necessary to go to the disbandment to the banks and CADECAS, because there will be all the time necessary to carry out these transactions," the president illustrated.

He said that the supply book will be eliminated, but not in the first stage of the process, since its use will be required as a mechanism that ensures citizens' access to the purchase of basic items in conditions of supply deficit and protects against the intentions of hoarding and speculation.

“Starting next week, Deputy Prime Minister Alejandro Gil Fernández, other ministers and participants in the Ordinance task, will be explaining the process so that there are no doubts and it is understood. We ask the population for CONFIDENCE ", said Díaz Canel

He also said that when it is decided on which date the CUC will be eliminated, it will be announced in time by the press. It will explain how the process will be, what the exchange rate will be, what the salary increases will be like and other aspects that monetary unification contemplates.

In any case, the president spoke of "next weeks" which seems to indicate that it will not be in the month of October when the final step is taken, but that it could take place as of November, presumably after the elections in the United States. Because knowing who will be the US president for the next 4 years would allow a better strategy to be organized on the island.

Díaz Canel urged the population to be attentive in the coming weeks to the television appearances of the different ministries when all this information related to the elimination of the CUC is detailed, and all the "Reordering Task" as they now call the monetary unification process from government.