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January Thursday

Monetary re-ordering kicks off in Cuba

HAVANA, Cuba, Jan 1 (ACN) As announced by the main Cuban authorities, the process of monetary re-ordering begins this Friday in Cuba, which includes the elimination of the monetary and exchange duality, the reform of salaries and pensions and the elimination of undue gratuitousness and excessive subsidies.

As of this Friday, the exchange rate will be 24 Cuban pesos to one dollar and the Cuban Convertible Peso (CUC) will cease to circulate within 180 days; during that period, cash held in this currency by individuals will taken at exchange houses and bank branches.

In the stores or other establishments previously authorized, the CUC will be accepted only for the purpose of executing the transaction and withdrawing it from circulation.

Savings accounts in CUC, deposits and certificates of deposit of individuals are kept in that currency for a period of up to 180 days, and during that period their holders may decide whether to convert their balance, totally or partially, to CUP -at the exchange rate of 24 x 1-, to US dollars or Euros.

About five million people will benefit directly from the wage reform: 3.1 million workers, 1,671,000 pensioners and 175,000 Social Assistance beneficiaries.

Starting today, employees earning more than 3,260 pesos per month will pay taxes on their personal income, which can be three or five percent, according to a scale set by the Ministry of Finance and Prices.
Aspects related to taxes, principles, rules and general procedures of Law 113 of the Tax System are also modified

As of January 1, products imported by natural or legal persons based in Cuba will have a debt in Cuban pesos, calculated on the import value in U.S. dollars and based on the percentage that is applied to the debit value of the imported products

Likewise, self-employed workers who provide the service of transportation of cargo, of passengers in the modality of "regular service", or both services, by means of the use of magnetic cards, will be applied the wholesale prices established by the Minister of Finance and Prices, of the fuels that are sold in the service centers.

The prices of the cultural and sports services are restructured, the current rates of the tourist packages and other exports of services are converted to Cuban pesos, by applying the exchange rate, and new maximum prices for the collection of the agricultural products are approved, which are the subject of contracts between the state entities and the producers.

They keep their retail value and the drugs associated to chronic diseases with permanent treatments, products of natural and traditional medicine, products of optics, as well as the medical articles of the National Center of Technical Orthopedics Cuba-RDA and the services of orthopedic footwear repair that are carried out in the repair workshops of the local organs of the Popular Power are subsidized by the State.

In general, 46% of the medicines sold in pharmacies, 162 of the 353 dispensed in this way, will be subsidized by the State budget and will maintain their current value.

For equal products that are commercialized with different prices in all the commerce network, a unique value in Cuban weight is established, the supply book is maintained, the free delivery of modules for children with nutritional deficit, low weight and height.

It is stipulated that in Havana the trip by public transport will cost two pesos (as well as by sea in boats), while in the rest of the provinces it will be one peso, and in the case of transportation by buses and road cabs in Havana, managed by the non-state forms, it will be five CUP.

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