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Banking In Cuba
This article discusses banking in Cuba and gives an overview of the recent past. For details on the Cuban economy in general, see ''economy of Cuba''. History Following the Cuban Revolution of the 1950s, the Cuban banking sector came under the control of the new regime. The new authorities famously appointed Che Guevara as President of the National Bank of Cuba ( es, Banco Nacional de Cuba) in 1959. Guevara often retold the apocryphal story of how he gained the job at the bank; Fidel Castro had asked if there were an ''economista'' in the room and he had put his hand up – much to Castro's surprise. Guevara had mistakenly thought that Castro had asked for a '' comunista''. Guevara's appointment seemed somewhat ironic, as he often condemned money, favored its abolition, and showed his disdain by signing Cuban banknotes with his nickname, "Che." The 1990s saw the restructuring of the Cuban banking system, with new commercial banks created, and a new central bank, "Banco Central de C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Cuba
The economy of Cuba is a mixed command economy dominated by state-run enterprises. Most of the labor force is employed by the state. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution. Foreign direct investment in various Cuban economic sectors increased before 2018. , public-sector employment was 76% and private-sector employment (mainly composed of self-employment) was 23%, compared to the 1981 ratio of 91% to 8%. Investment is restricted and requires approval by the government. In 2019, Cuba ranked 70th out of 189 countries on the Human Development Index, placed in the high human development category. , the country's public debt comprised 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%. Housing and transportation costs are low. Cubans receive government-subs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cuban Convertible Peso
The convertible peso (sometimes given as ''CUC$'' and informally called a ''cuc'' or a ''chavito'') was one of two official currencies in Cuba, the other being the Cuban peso. It had been in limited use since 1994, when its value was pegged 1:1 to the United States dollar. On 8 November 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets and left the convertible peso as the only currency in circulation in many Cuban businesses. Officially exchangeable only within the country, its value was increased to in April 2005, but reverted to on 15 March 2011. The convertible peso was, by the pegged rate, the twelfth-highest-valued currency unit in the world and the highest-valued "peso" unit. On 22 October 2013, it was announced that the currency was to be scrapped. On 10 December 2020, it was announced that monetary unification would take effect from 1 January 2021. From that date, the CUC was no longer accepted in many Cuban businesses; it could only be exchanged in ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cuban Peso
The Cuban peso (in Spanish , ISO 4217 code: CUP) also known as , is the official currency of Cuba. The Cuban peso historically circulated at par with the Spanish-American silver dollar from the 16th to 19th centuries, and then at par with the U.S. dollar from 1881 to 1959. The Castro government then introduced the socialist planned economy and pegged the peso to the Soviet ruble. The Soviet Union's collapse in 1991 resulted in a Special Period of difficult economic adjustments for Cuba. From 1994 to 2020 the Cuban peso co-circulated with the Cuban convertible peso (ISO 4217 code "CUC"; colloquially pronounced "kook" in contrast to the CUP, often pronounced "koop"), which was convertible to and fixed against the U.S. dollar, and which was generally available to the public at a rate of US$1 = CUC 1 = CUP 25. State enterprises under the socialist planned economy, though, were entitled to exchange CUPs into CUCs and U.S. dollars at the official, subsidized rate of US$1 = CUC 1 = C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureau De Change
A bureau de change (plural bureaux de change, both ) (British English) or currency exchange (American English) is a business where people can exchange one currency for another. Nomenclature Although originally French, the term "bureau de change" is widely used throughout Europe and French-speaking Canada, where it is common to find a sign saying "exchange" or "change". Since the adoption of the euro, many exchange offices have started incorporating its logotype prominently on their signage. In the United States and English-speaking Canada the business is described as "currency exchange" and sometimes "money exchange", sometimes with various additions such as "foreign", "desk", "office", "counter", "service", etc.; for example, "foreign currency exchange office". Location A bureau de change is often located at a bank, at a travel agent, airport, main railway station or large stores—namely, anywhere there is likely to be a market for people needing to convert currency. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly Emerging market; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities. According to Gerard Baynham of Water Street Partners, there has been much negative press about joint ventures, but objective data indicate that they may actually outperform wholly owned and controlled affiliates. He writes, "A different narrative emerged from our recent analysis of U.S. Department of Commerce (DOC) data, collected from more than 20,000 entities. According to the DOC data, foreign joint ventures of U.S. companies realized a 5.5 percent average return on assets (ROA), while those companies’ wholly owned and controlled affiliates ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco De Credito Y Comercio, Guantanamo, Cuba
Banco may refer to: Places * Banc (Barcelona Metro), also called Banco, a closed metro stop on the Barcelona metro * Banco, Virginia, an unincorporated community * Banco, West Virginia, an unincorporated community * Banco National Park, a national park in Côte d'Ivoire * Banko, Guinea, a town and sub-prefecture in the Dabola Prefecture in the Faranah Region * Banko, Mali, a rural commune and village in the Cercle of Dioïla in the Koulikoro Region * Banko, a town in the Sekyere Kumawu district og Ghaba Arts and architecture * ''Banco'' (Banco del Mutuo Soccorso album), 1975 album by Italian progressive rock band Banco del Mutuo Soccorso * ''Banco'' (Sir Michael Rocks album), 2014 album by American rapper Sir Michael Rocks * ''Banco'' (novel), 1972 autobiography by Henri Charrière * Banco architecture, a West African type of mudbrick, and the architecture made with it * Banco (building material); fermented mud; made by fermenting mud with rice husks * Banco (typeface), a dec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shareholder
A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal owner of shares of the share capital of a public or private corporation. Shareholders may be referred to as members of a corporation. A person or legal entity becomes a shareholder in a corporation when their name and other details are entered in the corporation's register of shareholders or members, and unless required by law the corporation is not required or permitted to enquire as to the beneficial ownership of the shares. A corporation generally cannot own shares of itself. The influence of a shareholder on the business is determined by the shareholding percentage owned. Shareholders of a corporation are legally separate from the corporation itself. They are generally not liable for the corporation's debts, and the shareholders' liabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Regulation
Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. As regulation focusing on key factors in the financial markets, it forms one of the three components of financial law, the other two being case law and self-regulating market practices. Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Another relevant example for the interconnectedness is that the law of financial industries or financial law focuses on the financial (banking), capital, and insurance markets. Supporters of such regulation often base their arguments on the "too big to fail" notion. This holds that ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of Ministers Of Cuba
The Council of Ministers (Spanish: ''Consejo de ministros''), also referred to as simply the Cabinet of Cuba, is the highest ranking executive and administrative body of the Republic of Cuba, and constitutes the nation's government. It consists of the President, the First Vice President and the five Vice Presidents of the Council of State, the Secretary of the Executive Committee, the heads of the national ministries, and other members as established by law. The Executive Committee is a smaller body, consisting of the President and Vice Presidents of the Council of State, the Secretary and those ministers chosen by the President. The Council of Ministers is responsible for the implementation of policy agreements authorized by the National Assembly of People’s Power. These are designated to individual ministries. The council also proposes general plans for economic and social development, which are in turn authorized by the National Assembly twice yearly. The Council of Minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francisco Soberón (Cuba)
Francisco Ricardo Soberón Garrido is a human rights leftist activist in Peru. In 1983 he founded APRODEH, the non-governmental organization of which he is currently a director. He previously led the National Human Rights Coordinator's Office and was a member of the steering committee of the Coalition for the International Criminal Court. He was Vice President for South America of the International Federation of Human Rights from 1997 to 2001. He was awarded the National Order of Merit by the French government and the Letelier-Moffitt Human Rights Award by the Institute for Policy Studies The Institute for Policy Studies (IPS) is an American progressive think tank started in 1963 that is based in Washington, D.C. It was directed by John Cavanagh from 1998 to 2021. In 2021 Tope Folarin was announced as new Executive Director. .... ReferencesSpeak Truth to Power-Telling Stories PBS [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Cuba
The Central Bank of Cuba ( es, Banco Central de Cuba, BCC) is the central bank of Cuba. It was created in 1997 to take over many of the functions of the National Bank of Cuba ( es, Banco Nacional de Cuba, links=no), which was established on 23 December 1948 and had begun operations on 27 April 1950. The current president of the bank is Marta Sabina Wilson González. Organization The bank is headed by a single president with five vice-presidents: * First Vice President * Administrative Vice President * Vice President, Analysis and Strategic Objectives of the Cuban Bank System * Vice President, Macroeconomics * Vice-president, Operations The president of the Central Bank is a member of the Council of Ministers of Cuba. Presidents Presidents of the National Bank of Cuba and of the Central Bank of Cuba. *Felipe Pazos, 1950 – April 1952 *Joaquín Martínez Sáenz, April 1952 – 1958 *Felipe Pazos, January 1959 – November 1959 *Che Guevara, 26 November 1959 – 1961 * Raú ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
