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PL via Agencia Cubana de Noticias (AIN)
http://www.ain.cubaweb.cu

Cuba Adjusts Its Financial Machinery with a View to 2005

Havana, 30 Dec (PL) In anticipation of increased flows of capital in 2005,
the Cuban government has announced new actions aimed at streamlining and
improving its financial operation.

Citing agreements signed with China and Venezuela, expanded investment in
the nickel industry by the Canadian company Sherritt, and discovery of a new
oil deposit, a resolution by the Central Bank of Cuba dated December 29
outlines the need for strict controls.

Central Bank Resolution No. 92/2004 introduces greater control over the
expenditures of Cuban state companies, hoping to optimize the use of
available funds.

In line with those objectives, the Central Bank of Cuba decided to set up a
consolidated, single account for the hard currency deposits of Cuban
companies and to centrally control the allotment of financial resources.

During this new organizational phase, the Hard Currency Approval Committee
chaired by the Central Bank will be reinforced with experts from the
ministries of Foreign Trade and Economy as well as from other agencies so
that operations are considered and processed without delays that could
affect the companies' performance.

Resolution 92/2004 of the Central Bank of Cuba states that banks on the
island will not act on any hard currency transaction by Cuban entities not
previously authorized by the Hard Currency Approval Committee.

In addition to greater control over available financial resources, the new
measures are aimed at further guaranteeing the external commitments of Cuban
companies, concludes the resolution.

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