Business, 16.10.2020 19:01 jasminebaeeecx

What markets were introduced into Cuba

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Answer from: ale1910

The Economist Intelligence Unit estimated the Cuban economy grew 0.5% in 2019 but will contract 0.7% in 2020. The Cuban economy has been hard-hit by the reimposition of, and increase in, U.S. sanctions that impede international financial transactions with Cuba and by Venezuela�s economic crisis, which has limited Venezuela�s support to Cuba. On 06 September 2019 the Department of the Treasury�s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to further implement President Trump�s June 2017 National Security Presidential Memorandum (NSPM) Strengthening the Policy of the United States Towards Cuba. These actions mark an ongoing commitment to implement the President�s Cuba policy. Previously, on June 5, 2019, OFAC further restricted non-family travel to Cuba by removing an authorization for group people-to-people educational travel, pursuant to an April 17, 2019 foreign policy announcement.

Cuban President Miguel D�az-Canel on 28 February 2020 responded to the suspension of the sending of remittances to the island from outside the United States applied by the Western Union company, a decision attributed to the hardline policies of U.S. President Donald Trump. �Another measure against the Cuban people. This is how the empire acts, with total arrogance and contempt, but no one will stop us,� the Cuban president wrote. Remittances are a vital source of income for Cuba, a country that for years has had an endemic balance of payments deficit and is currently facing a worrying economic crisis due to lack of foreign exchange, which makes it difficult for the island to acquire basic products and prevents the State from complying with part of its financial commitments.

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It's 15dollars more

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