Author note The Cuban government has firmly stated since 2013 its desire to achieve monetary and rate unification of its two currencies, the peso (CUP) and the convertible peso (CUC). In a speech to the National Assembly on December 21, 2017, Raúl Castro once more stressed the importance of monetary unification. So this is taken […]
Foreign Finance to Cuba Restarts After Debt Restructuring
FOREIGN FINANCE TO CUBA RESTARTS AFTER DEBT RESTRUCTURING Luis R. Luis Cuba for several decades has experienced limited access to international financial markets. This followed defaults and arrears on foreign loans, bonds and other financial obligations, the withdrawal from international financial agencies, the closed access to the US economy and a fragile balance of […]
Unifying the Cuban Peso: Tentative Numbers
UNIFYING THE CUBAN PESO: TENTATIVE NUMBERS[i] Luis R. Luis SUMMARY Exchange rate and currency unification is a high priority. Estimates from the national income accounts place the average managed rate at about 3 Cuban pesos per dollar in 2012-2016. Unification is made difficult by the feeble international reserve position of Cuba with assets […]
Cuba’s External Liquidity Crisis Takes Surprising Turns
Cuba’s External Liquidity Crisis Takes Surprising Turns Luis R. Luis Cuba is being pressed by external liquidity shortages for a number of years, the consequence of deteriorating production and export capacity. Stagnant or falling farm output is a prime driver of consumption imports. Receipts on the current account of the balance of payments are […]
Recent Trends in Cuban Migration
Recent Trends in Cuban Migration Luis R. Luis The announcement by President Barack Obama on January 12th that the US is terminating the policy of allowing Cubans that arrive without a visa to remain in the country is a major event for the island’s population and could also have significant economic implications. In […]
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