Sunday, December 26, 2010

Cuba suppresses the rate on dollar remittances

  • The decision comes at a time of financial difficulties for Havana
  • Relations with U.S. initiatives to improve after Obama
Cartel de una oficina de cambio de divisas en una calle de La HabanaPoster of a Western Union office in a street in Havana on an image of 2002.Jorge Rey / Getty Images 26.12.2010 - 3:08 pmThe  Cuban government has removed the tax dollar remittances, as  which Cubans receive dollars from relatives in the States should pay 10% commission, BBC reports.
The  tax was implemented in response to U.S. sanctions to  international banks to change dollars into Cuba, making transactions more expensive on the island.
With this agreement, applicable to transactions conducted through the company Western Union,  gain the two parties, according to the British public broadcaster, which stresses that the move comes at a time when the government of the island suffers major financial and shortage of foreign exchange.

Whitening Business

The  Remittances are not as significant as in other countries in the area, although  almost half the population receives the same source reported.
During the presidency of George W. Bush, they were very restricted. However, reopening of travel and remittances driven by the current U.S. president Barack Obama has had a positive response.
  • Excitement among the Cubans to the lifting of restrictions on travel and remittances

The BBC states that the volume of money moving these agencies so far represented only 10% of remittances coming across the Florida Straits, while the the rest came through informal channels (in violation of laws U.S.), mainly through "mules", people traveling with dollars.
With the new scenario, Washington will get a higher control the movement of money Cuba.
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