LatinNews Daily - 17 July 2020

* Cuba’s economy minister, Alejandro Gil, has said that the government will eliminate a 10% tax on the US dollar (introduced in 2004), as part of efforts to provide Cubans with more purchasing power, and to bring in more hard currency. The move, which will take effect on 20 July, was announced among measures aimed at shoring up Cuba's national economy, which even before the coronavirus (Covid-19) pandemic was suffering due to US economic sanctions imposed last year. Other measures announced yesterday include plans to “reorder domestic trade”; “modify the distribution system for remittances”; “increase the participation of national industry as the main provider of goods and services”; and “increase and diversify exports”. The latest (July) forecast by the United Nations Economic Commission for Latin America and the Caribbean (Eclac) expects Cuba’s economy to shrink by 8% in 2020.

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