HELEN YAFFE
02 FEBRUARY 2021ECONOMICS
<https://newleftreview.org/sidecar/search?query%5Btag%5D=8>
The first of January 2021 was known as ‘Day Zero’ in Cuba. After almost
three decades of operating with a dual currency, Cuba’s national peso
(CUP) and its convertible peso (CUC) were unified as part of a broader
process of ‘monetary ordering’ that also involves major price
adjustments, the elimination of ‘excessive [state] subsidies and undue
gratuities’ and significant changes in salaries, pensions, and social
assistance benefits. The endeavour is without precedent, both because
the US blockade restricts Cuba’s access to external finances and
revenues, and because the process is underscored by the state’s
commitment to cushion the population from the trauma of restructuring.
It is also being carried out amid the global economic recession
initiated by Covid-19.
https://newleftreview.org/sidecar/posts/day-zero-in-cuba?
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