Cuban Monetary Policy a Sound Guardian

Havana , Dec 30, 2005. (Prensa Latina) The Cuban monetary decisions in 2005 became a fundamental defense against the US blockade besides helping the Island´s economy.

The reevaluation of the national currency against foreign currencies and especially the US dollar, both played a role in Cuba´s extraordinarily positive (11.8 GDP) economic balance and thwarted Washington´s hostile tactic from using the dollar to obstruct Cuban international transactions and businesses.

While possession is not forbidden, foreign currency must be changed for convertible Cuban pesos for purchases at the rate established by the National Bank.

Osvaldo Martinez, Assembly Economics Affairs chairman, explained these measures have strengthen the nation´s sovereignty by expanding the country´s credit scope despite the US blockade that pressures governments and international agencies not to extend medium or long-term credit to Cuba.

President Fidel Castro also referred to this as Havana´s response to the Bush attempt to destabilize Cuba´s economy because the change of foreign to domestic currency gained the State some 400 million dollars this year, which could become billions in the future.