Every
revenue/expense of the Cuban state in foreign currency will be
deposited/ paid into/by a banking account in the Central Bank of
Cuba and every expense in foreign currency will be determined by a
committee headed by the central bank.
The decision was printed by Granma,
an official organ of the Communist Party of Cuba, and will come
into force on January 1, 2005.
According to Granma, all foreign
currency revenues under the forms of financial contributions,
taxes and incomes from joint-ventures and joint-stock companies
will be deposited into the account. As of February 1, 2005, the
committee, comprised of experts from relevant State agencies, will
be the sole body in charge of determining the foreign currency
revenues and expenses of Cuban agencies and enterprises.
As of the first quarter of 2005,
enterprises will be exempt from contributing part of their foreign
currency revenues to their governing bodies for internal
distribution. However, the sums will be initially deposited into
the account and then distributed by the above committee.
The Central Bank of Cuba said that
centralising the management of foreign currency revenues and
expenses aims to make more effective use of the countrys foreign
currency sources and enable Cuban enterprises to fulfil their
commitments to foreign partners.
The Cuban demand for foreign
currencies will rise dramatically as the island country has signed
a series of economic, trade and credit cooperation agreements with
China and Venezuela, and US dollars have been recently replaced by
convertible Cuban pesos (CUC). Additionally, the country has
discovered new oil sources.-Enditem