Havana, April 8.- The Cuban banking and financial system challenges the policy of tightening the United States blockade, as was ratified during the annual work balance of the Central Bank of Cuba, held at the Palace of the Revolution, which was attended by the First Secretary of the Central Committee of the Party and President of the Republic, Miguel Díaz-Canel Bermúdez together with the member of the Political Bureau and Prime Minister, Manuel Marrero Cruz.
When exposing the results of this sector at the end of 2023, the Minister-President of the Central Bank, Juana Lilia Delgado Portal, referred to the complex international scenario faced by the institution, one of the hardest hit by the direct effect of the genocidal policy it applies. the United States government against our nation.
The report presented on the work of the Central Bank of Cuba lists the main actions carried out in 2023, the insufficiencies that still persist and the projections for the current year.
Among other actions, the Central Bank of Cuba provides for the identification of projects that generate external income and promote the improvement of the flow of foreign currency to the country, the implementation of the new mechanism for the allocation and management of liquidity for all economic actors, the standardization of electronic payment systems with the use of all platforms and codes deployed at the national level, the adoption of measures that allow increasing the availability of cash and improving the quality of service to the population based on the review of processes in bank offices.
Precisely, among the topics discussed at the meeting attended by members of the Board of Directors of the Central Bank of Cuba, bank presidents, directors and officials of the system and other guests, were the quality of services, technological assurance to sustain the operation of the system, how to move towards a more modern banking and the current situation of the banking process.
Regarding the latter, it emerged that, although progress is being made, the results are not yet as expected, which is influenced by objective aspects such as the low availability of cash, for cashier operations and ATMs, as well as the indiscipline of some economic actors. that they do not accept the options of the population to choose their own payment channels, and on many occasions they violate their rights by forcing them to pay in certain denominations of money that are required, among other reasons, stated Julio Pérez Álvarez, General Director of Operations and Payment Systems of the Central Bank of Cuba.
The Bank director also drew attention to the trend of growth in the amount of cash outside the banking and financial system, based on the presence of new actors in the national economy, on which the Cuban banking institution maintains a permanent monitoring as part of the macroeconomic stabilization measures necessary to correct distortions and boost our economy.
The primary objective in this battle is to continue the increase in the banking process as part of the digitalization policy of our society, added Pérez Álvarez.
However, other variables reveal a favorable trend towards greater use of electronic payment channels to make payments. For example, at the end of last year, 68 percent of operations were carried out through electronic channels, while 31 percent were maintained using cash transactions.
The General Director of Operations and Payment Systems of the Central Bank of Cuba ratified the concept that to advance in the process of banking, the participation of all territorial administrative actors is urgently needed because, although it is appreciated that it is a process led by the bank, It has a comprehensive character.
In this sense, he highlighted that prior to the beginning of the banking process in the country, more than 26,600 workers in the banking sector received training and some 473,000 linked to economic work also did so.
The member of the Political Bureau and Prime Minister, Manuel Marrero Cruz, expressed that the banking system has at the center of its work the recognition of the importance of the role it must play in the implementation and control of the Government's projections to correct distortions and re-boost the economy, that is key.
He added that the Central Bank of Cuba has a very active position in the implementation and promotion of the country's economic macro stabilization program in the current scenario to restore macroeconomic balances that allow guaranteeing a favorable environment for economic growth, development and the process of socialist construction.
He highlighted that issues related to government measures are directly related to the bank, which is why we need to move forward, which is why it is urgent to put all of our collective intelligence towards this purpose.
When referring to the banking processes, he acknowledged that the institution itself has identified where the cracks are today and what we must solve. However, he added that there are issues that require greater demand and discipline to demand the use of digital payment channels and that the rights of clients are not violated by some of the economic actors.
He argued that we must stimulate ways so that people feel more attracted to deposit in the bank. Finally, he expressed that despite everything that has been recognized as missing, it is fair to recognize the role played by the cadres and workers in the sector, and how aware you are of the importance of the work and the results you obtain in order to achieve the impact that is expected with the implementation of government measures on the quality of life of the population.
The Cuban President called to apply the government's pillars in each of the actions undertaken in the Cuban banking and financial system: the integration and use of science and innovation, digital transformation and social communication.
The annual work balance of the Central Bank of Cuba was also attended by the Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment, Ricardo Cabrisas Ruiz, along with the members of the Secretariat of the Central Committee of the Party, Joel Queipo Ruíz and Jorge Luis Broche Lorenzo.
The Central Bank of Cuba's mission is to promote, in accordance with its powers, the stability of the purchasing power of the national currency and contribute to the harmonious development of the economy; and exercise the regulation and supervision of financial institutions and representative offices of foreign financial institutions that are authorized to establish in the country. (Digital Workers with information from the Cuban Presidency) (Photos: Revolución Studies)
