After the new measure of the Central Bank of Cuba (BCC), the so-called “banking”, which significantly limits the use of cash on the island, is a clear indication of the lack of liquidity in the country, many Cubans are wondering if this is an indication that financial institutions will not print more out of money.
BCC President, Joaquin Alonso, mentioned Recently in the TV program “The Round Table” that within six months, almost all operations in Cuba will be carried out by electronic means, all this in the midst of technological weaknesses that the island has not finished repairing.
Alonso hinted that if this process goes well within the agreed time, “the currency used to manufacture the physical currency can be used for other priorities in the country.” In other words, money will certainly not cease to be printed, but much less will be printed than is currently printed, when it will no longer be sufficient, not even to pay the workers.
Will you stop printing money in Cuba?
Last May, the island’s Minister of Economy, Alejandro Gil Fernandez, referred to the fact that the process of printing banknotes was very costly for the country and said that there was “a shortage of money in fiat currency, because the level of demand is great and the capacity we have to bring in that fiat money not meet the demand.
“Issuing physical tickets is expensiveAnd custody and transaction. ” At that time, in May of this year, the minister was already talking about the need to move towards the bank of financial transactions and operations on the island.
At the time, the official admitted that there were problems in Cuba when paying by transfer, because in some cases companies, whether government or private, are “reluctant to accept mobile payments.” The truth is that the liquidity crisis is now linked to the crisis of inflation, prices, water shortages, the return of power cuts, and in a very difficult scenario for the lives of “ordinary” Cubans.
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