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Weird News Cuba: The end of dollar bank deposits sowing interrogations in the population

06:40  22 june  2021
06:40  22 june  2021 Source:   rfi.fr

Travel chaos and rain... it must be a bank holiday!

  Travel chaos and rain... it must be a bank holiday! This year's early May bank holiday threatens to be a washout, with wet and windy weather set to sweep the country and families planning a get-away being told to expect road chaos. Strong winds and rain are expected to hit the UK; temperatures will reach a high of 14C today but overnight they will drop to -2C.Forecasters said those hoping for another weekend in the sun will be disappointed, as it will be a ‘wet and windy May Day for most’.Millions are set to take advantage of the first bank holiday of the year with eased lockdown rules.

Cuba on Monday begins suspending dollar cash deposits on the island to counter the US-imposed blockade of the country, which has caused losses of ,157 million (about €7,683 million) between April 2019 and December 2020. The Governor of the Central Bank of Cuba , Marta Sabina Wilson Gonzalez, indicated at a The Director-General of the Cuban Ministry of Foreign Affairs of the United States, Carlos Fernandez de Cosio, emphasized that the blockade and the increased measures are entering an attempt “to sabotage our economy, create instability in the living conditions of the population , and

In the simple deposit expansion model, a decline in checkable deposits of ,000 when the required reserve ratio is equal to 10 percent implies that the Fed. Suppose that from a new checkable deposit , First National Bank holds eight million dollars on deposit with the Federal Reserve, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has _ million dollars in vault cash.

Cuba suspend les dépôts bancaires en dollars pour protéger son économie et faire face à l’embargo américain. © Reuters Cuba suspends bank deposits in dollars to protect its economy and cope with the US embargo.

Cuba suspends bank deposits in dollars to protect its economy and cope with the US embargo. These are the reasons put forward of this new measure. The government had opened to Cubans with the possibility of having dollar accounts in 2019, with the goal of recovering in its currency crates and to access certain stores, then in Havana, the suspension of these dollar deposits raises doubts. And questions.

With our correspondent in Havana, Domitille Piron

a mixture of misunderstanding and worry reigns to Havana. What to do now from his dollars? And how to feed his account in freely convertible currency with other currencies, whose rates have exploded to the black market?

Adjusting her debts, a cuba puzzle in full pandemic

 Adjusting her debts, a cuba puzzle in full pandemic © provided by the point a fferd by the hardening of the American embargo and the absence of tourists with the pandemic, cuba ceased to repay His international creditors, but they hope to negotiate a return on the rails in the coming months.

An agreement to exchange dollar bank deposits for euro bank deposits in one month is a. the Japanese yen could appreciate, depreciate or remain constant relative to the U.S. dollar . If the U.S. Congress imposes a quota on imports of Japanese cars due to claims of "unfair" trade practices, and Japanese demand for American exports increases at the same time, then, in the long run _, everything else held constant.

The "spread" is a bank 's profit margin on foreign exchange trading and equals the difference between the bid rate and the offer rate. Assume that Boeing anticipates receiving 20 million yen in 3 months from exports of jumbo jets to a Japanese airline. The firm could hedge against the risk of a depreciation of the dollar against the yen by contracting to sell its expected yen proceeds for dollars in the forward market at today's forward rate.

in Cuba, if everyone wants currencies, it is to deposit them on a bank account that then allows access to certain food stores that are best businesses in this period of crisis.

That's what Recynier was doing with dollars, he must now find another currency at the black market. "Before everyone wanted dollars, dollars, he says, but now people want euros! Here nobody affects a salary in dollars, but they put foreign stores and we went upon bought in dollars, tomorrow we are getting shops accessible only in Chinese currency and Cubans will buy in Yuan!

The rate of the euro Flambe

these foreign currencies are only accessible to the black market. And in the aftermath of the announcement of the end of dollar bank deposits, the informal rate of the greenback to decrease, when that of the euro exploded. José, who works on his behalf, is exceeded by this measure: "It's chaotic! Because this measurement only increases inflation, frankly I do not know how they make their decision ... But they are also saying that it is because of the international banks that do not accept the dollars filed by Cuba. But in the end, it is the people who are suffering the consequences! Does this situation, it's our fault of us Cubans, to me? No, and yet it's me who suffered the inflation of the black market because I can not buy currency otherwise and I need it to go to foreign currency stores, because the Cuban peso stores are Not supplied! »

to read also: Inflation and black market: the backlit of monetary reform in Cuba

The EU calls Cuba to release the protesters "arbitrarily detained" .
Cuba-Events-EU: the EU calls Cuba to release the protesters "arbitrarily detained" © Reuters / Alexandre Meneghini The EU calls Cuba to free the Protesters "arbitrarily" by Sarah Marsh Havana (Reuters) - The European Union said Thursday in a statement be "very concerned about the repression" of the events in Cuba, calling the Cuban government to free all the protesters so arbitrariness, in what constitutes its strongest position on the challenge on the island.

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This is interesting!