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☆ Cuban President Sacks Economy Minister as Controversy Grows Over Price Hikes
▼ + stars: | 2024-02-02 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

HAVANA (Reuters) - Cuban president Miguel Díaz-Canel sacked economy minister Alejandro Gil on Friday, state media reported, as controversy continued to grow over the delay of recently announced measures to hike the price of fuel and transportation fares in the communist-run country. The Council of State, under Diaz-Canel`s direction, has appointed Central Bank president Joaquín Alonso, 60, to replace Gil. The upheaval comes just two days after the government put off an unpopular five-fold hike in gasoline prices planned for Feb. 1, saying a cyberattack from outside Cuba had thwarted implementation. Former economy minister Gil had advocated for the unpopular plan to raise prices for many government subsidized services, and has long been criticized for his management of the country`s near-bankrupt economy. Gil's planned price hikes, initially announced in December and early January, rocked Cuba, where residents have long depended on a vast program of state subsidized food, fuel and medicine.

Persons: Miguel Díaz, Canel, Alejandro Gil, Diaz, Joaquín Alonso, Gil, Elba Rosa Perez, Eduardo Martinez, Alberto Lopez, Manuel Santiago Sobrino, Nelson Acosta, Dave Sherwood, Kirsten Donovan Organizations: of State, Central Bank, Technology, Food Industry Ministry Locations: HAVANA, Cuban, Cuba, Santa Clara

☆ Cuba bans company access to ATMs, limits cash transactions
▼ + stars: | 2023-08-03 | by ( Nelson Acosta | ) www.reuters.com time to read: +2 min

HAVANA, Aug 3 (Reuters) - The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis. They limit cash transactions to 5000 pesos and will be implemented gradually over six months, official media said. The government pegs the dollar at 24 pesos and for select companies, tourists and residents at 120 pesos, though it has few to exchange. The dollar currently fetches 230 pesos on the informal market. The crisis has led to a lack of confidence in the state-run banking system, resulting in a lack of cash at some ATMs as businesses use them, leaving residents in the lurch.

Persons: Alejandro Gil, Nelson Acosta, Marc Frank, Deepa Babington Organizations: Cuban Central Bank, Economy, Thomson Locations: HAVANA

Summary Peso's informal value hits all-time low vs dollarAnnual inflation surges to 45%Plunge in peso value 'something horrible', says teacherHAVANA, Aug 2 (Reuters) - The Cuban peso was trading on the informal market at an all-time low of 230 to the dollar on Wednesday, slumping to half its value a year ago as consumers struggle with surging inflation and scarce goods, a widely watched tracker showed. The state considers the informal exchange rate, widely tracked via the independent news outlet El Toque, as illegal, but it has been unable to shut it down. The state officially pegs the local currency at 120 pesos to the dollar, but it has few to exchange. The weakening informal rate was similar to a fall in the government’s electronic equivalent, which residents must use to purchase goods at state stores that are relatively well-stocked compared with peso outlets. Prices grew 39% last year, a figure many economists say underestimates the rate as it does not adequately account for a growing informal market.

Persons: HAVANA, Bert Hoffman, Alejandro Gil, May, Sonia Nunez, Gil, Mario Fuentes, Christian Plumb, Conor Humphries Organizations: Cuban, German Institute of Global, Communist, Economy, Thomson Locations: America, Hamburg, Cuban, Havana

☆ Cuban economy minister says no quick fix to devastating crisis
▼ + stars: | 2023-07-22 | by ( Nelson Acosta | ) www.reuters.com time to read: +2 min

Speaking before the country's parliament, Gil said the primary sector, which includes agriculture, mining and other basic production, was down 34.9% compared with 2019, while manufacturing was off 20%. A third sector that includes services such as tourism, communications and education was down 4.9%. Gil said the crisis, which has left residents reeling, protesting and leaving the island nation, was "complicated," but he added that the government was working on solutions. "The gradual recovery of the Cuban economy has not yet reached the necessary pace," he said. Additional reporting by Marc Frank; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Alejandro Gil, Gil, Esteban Lazo Hernandez, Marc Frank, Paul Simao Organizations: Economy, Communist, Thomson Locations: HAVANA, Cuba

☆ Cuba wins China debt relief, new funds
▼ + stars: | 2022-11-27 | by ( Marc Frank | ) www.reuters.com time to read: +2 min

HAVANA, Nov 27 (Reuters) - China has agreed to restructure Cuban debt and provide new trade and investment credits to the beleaguered Caribbean Island nation after a meeting in Peking between the two Communist countries’ leaders. Gil was speaking in an interview with official media traveling with President Miguel Diaz-Canel as he returned home over the weekend from a tour of Algeria, Russia, Turkey and China. Analysts estimate the debt in the billions of dollars, although no official figures are available. Gil said China had agreed to quickly complete a floating dock, wind power and solar energy project, among others. President Diaz-Canel told the official media after talks in Peking that debt was at the top of his agenda with President Xi Jinping who sympathized with the difficulties Cuba was going through.

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