Cuba Announces Measures to Raise Purchasing Value of Pesos

Havana, Apr 22 (Prensa Latina) The Cuban government announced today a cut in prices of food products as part of the measures to gradually increase the purchasing value of the peso in the short term.

A note of the Ministry of Finance and Prices indicates the reduction in prices, effective as of today, will be around 20 percent in the chain of stores selling in hard currency and the parallel market of the Ministry of Domestic Commerce (Mincin in Spanish) for a group of items, mainly food products.

In the case of rice, sold freely at 5.00 Cuban Pesos (CUP) the pound, can be bought now for 4.00 CUP, and the rice produced in Cuba, will be reduced from 3.50 to 3.00 pesos. For peas sold freely, the cut will be of 50 cents, to 3.00 CUP the pound.

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