Top Cuban authorities announced the beginning of the country's monetary order

HAVANA, Cuba, Dec 10 (ACN) In the presence of Army General Raúl Castro Ruz, First Secretary of the Central Committee of the Communist Party of Cuba (PCC), the President of the Republic, Miguel Díaz-Canel Bermúdez, informed this Thursday, in an address on a national radio and television, the beginning of the monetary order in the country on January 1, 2021.
He explained that the Political Bureau of the PCC approved this decision and that in the last two Party Congresses the fundamental concepts that should guide the process have been specified.
Also, in the Economic and Social Strategy for the promotion of the economy, approved in the current year, this is ratified as an element of particular importance and with a transversal impact on the economy, the president said.
He recalled that in the month of October, information on the subject was offered to the population in the radio and television show Roundtable, and in the last session of the National Assembly of People's Power to the deputies.
According to Díaz-Canel Bermúdez, all the structures that should participate in the task have been trained and the feedback process has also been useful.
The analysis and all the legal norms have been concluded, so it is considered that the conditions have been created, he specified.
He announced that the single rate from day zero will be 24 pesos for one dollar, and that the monetary order will put the country in better conditions for the transformations demanded by the economic-social model, with equal opportunities for all Cubans, promoting the interest and motivation for work without egalitarianism.
It is not a magic solution but it will favor the creation of necessary conditions to advance in a more solid way, he said.
He added that the regulation creates the conditions for the business system to make adequate decisions and assume the powers that have been granted to it.
This is one of the most complex tasks that the country has faced in the economic order and it is increased by the economic, commercial and financial blockade imposed by the United States to Cuba, the impact of the COVID-19 pandemic and the international economic crisis, the President said.
He said that it is not exempt of risks, and one of the main ones is that there will be a higher inflation than the one designed.
Diaz-Canel Bermudez warned that abusive and speculative prices will not be allowed and will be faced with containment measures and sanctions to the violators, for which the effort of all is required.
As always, we will be receptive to the criteria of the population, the President of the Republic assured.
He pointed out that the conditions are created to ensure that no one will be left defenseless, and the transformations will be carried out by forging consensus in favor of the unity of the nation.
We are sure that with the effort of all our people and with the dedication of all of us we will achieve the objectives to reach greater efficiency and economic strength from this moment on, concluded Díaz-Canel Bermúdez.