Cuban dictatorship to exert more control of currency exchange and remittances from abroad

Hand over your Doubloons, suckers!

From our Bureau of Socialist Money-grabbing with some assistance from our Leftist Pirates of the Caribbean Bureau

Yo-ho-ho! Hand over your Doubloons, suckers! Aye, we be comin’ fer ya . . . Acting as the pirates they are, Castro, Inc.’s oligarchs have just announced a set of drastic economic reforms that will allow them to take more money from the pockets of Cubans. At the same time, they have also announced measures that will allow them to give much less to them and provide fewer public services.

Seizing greater control of the foreign currency that flows into Cuba from the “diaspora” is at the top of their list.

At this moment, it might be useful to meditate on the words of Saint Augustine, who had the following observation to make 1,600 years ago about unjust governments that act like pirates:

“Justice being taken away, then, what are kingdoms but great robberies? For what are robberies themselves, but little kingdoms? Go HERE for the full passage from Augustine’s City of God. The similarities between Castrogonia and his description of an unjust tyranny should astound you.

Loosely translated from Diario de Cuba

After recent accusations against independent Cuban media of promoting a fictitious exchange rate and stimulating high prices on the Island, the Government announced this Wednesday that starting in January 2024 the State will intervene to control the currency exchange market and will also seek to resume the power over remittances from abroad.

The Cuban Prime Minister, Manuel Marrero Cruz, said before the National Assembly of People’s Power that “it is proposed to resize the exchange market, the intervention of the informal sector and the control of the exchange rate in the country, which includes the determination of the exchange rate. change and the formation of prices,” reported the official Cubadebate portal.

“We have to put an end to this practice of setting the speculative exchange rate that governs this country from another country, from a PC (computer). There is a working group, led by the National Bank of Cuba, that has advanced in proposals that will be analyzed in the course of 2024 to determine what exchange rate the Cuban peso should have,” Marrero Cruz said without setting a date.

He also mentioned the Government’s desire to “incentivize the capture and recover the flows of remittances”, since the authorities are aware that an important part of remittances from abroad “take other routes and do not go through financial institutions”, which converted into Cuban pesos automatically at a value that does not favor the recipients.

Continue reading HERE in Spanish

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