Cuba Publishes Monetary Unification Methodologies

Cuban authorities revealed some of the new pricing and accounting methodologies going into effect as the country moves toward monetary unification.

A report published today recalled that as announced last October 22, 2013, the Council of Ministers had agreed to initiate a schedule for carrying out measures that will lead to that unification.

These norms are the first regulations that have been released in terms of prices and accounting, as part of that process.

Currently, two currencies circulate in Cuba; the Cuban Peso (CUP) and the Convertible Cuban Peso (CUC).

The published strategy corresponds to Guideline 55 of the Cuban Communist Party’s (CCP) Social and Economic Policy.

The announcement itself recognizes the complexity of such a process and deals with it via an integrated perspective meant to foster the monetary reorganization within the Cuban economy.

The data were released in the Official Gazette Extra (No. 12), of 2014, courtesy of Resolutions 19, 20 and 21 from the Ministry of Finances and Pricing.

Accounting norms and methodologies are shown for wholesale and retail pricing, directed at state entities, and required by the decreed monetary unification. Toward this end, the report reflects a priority on training all managers throughout the country who may be linked to such a process. It also points out that the new pricing methodology will assist in resolving a variety of problems in the island’s economy.

One of the indicated problems is the connection of internal pricing with the behavior of the international market, among other notes of interest.

The report specifies that the entire process will lead to a more efficient distribution of financial resources from the State budget.