Ministers say more efficient banking system

Photo by Eduardo Soares 

18th April 2022

Ministers have said that a more efficient and responsive banking system better able to meet the country’s needs is required, and that government is developing programmes that should ensure that in future Cubans are better educated about financial issues.

Cuban state media reported that at the annual evaluation meeting for Cuba’s Central Bank (BCC) discussions centred on the role of the banking system as a driving force better able to support Cuba’s principle economic sectors, and the need for greater efficiency in the services the sector provides.

Much of the analysis at the meeting, which was led by the country’s Prime Minister, Manuel Marrero, related to government’s plans to see the country’s banking system and those involved take greater responsibility for supporting national development.

Speakers noted the need for “a profound transformation and modernisation” through science and innovation, with stress being laid on computerisation and automation, the professional training of workers, better preparation of managers, and technical and scientific alliances with universities.

Speaking at the meeting, Vice Prime Minister, Alejandro Gil, the Minister of Economy and Planning, said that despite the embargo and the economic tensions under which the Cuban banking system has to work, the country needed to develop a modern and proactive approach to banking. It had to be supportive of the productive sector, and with the capacity “to oxygenate the economy,” he said. Gil told participants that it would not be possible for the country to advance or achieve a gradual economicrecovery without banking that is “bold and innovative.”

Granma quoted Marrero as noting in a closing summary that to achieve much of what had been discussed, it would now be essential that more opportunities in banking were made available to younger Cubans “whom the country trusts to find solutions to the problems”.

In a related development, officials at the BCC have said that Cuba will soon have a National Strategy for Financial Education. The Cuban News Agency (ACN) has reported that the design of a three-year educational programme is now in its final development phase following two years of research.

The report quoted officials as saying that by developing a financial culture, more productive use could be made of resources, better enabling the delivery of planned outcomes and objectives. The strategy will be approved in July. It will see financial education introduced into the school system and rolled out to those working in all productive sectors, to bank workers, the self-employed, those in companies and cooperatives, and to new independently managed entities.

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