Cuba’s Communist government is studying the potential use of cryptocurrency and hikes in some pensions and wages for workers in public administration, social services and state-run media, bringing the medium monthly wage up to the equivalent of $44.5 as part of a series of measures to boost its economy amid a deepening crisis, Reuters reports:
Many Cubans say the measure still will not be sufficient to breach the gap between salaries and the cost of living. Nonetheless it should boost purchasing power, as long as inflation is kept in check….Cuban economist Omar Everleny said the raise was crucial given how demotivated workers were, with many emigrating.
The regime’s efforts to replicate the Market-Leninist model of China and Vietnam appear to be floundering.
The Inter-American Dialogue hosts a discussion on “Cuba’s Sinking Economy: Causes, Consequences and Remedies.”
Speakers: Carmelo Mesa-Lago, University of Pittsburgh; Vicki Huddleston, former chief of the U.S. Interest Section in Havana; Peter Hakim, senior fellow at Inter-American Dialogue; and Michael Shifter, IAD president.
10:30 a.m. July 11, 2019
Venue: IAD, 1155 15th Street NW, Suite 800, Washington, D.C.
RSVP: 202-463-2932, press@thedialogue.org
