The Ministry of Finance and Prices (MFP) This Tuesday, it established the decentralization of a group of retail prices in Cuban pesos (CUP) for products that are marketed by chain stores and related entities, according to official media on the Island.
Resolution 81 of 2022, issued by that body in the Official Gazette of the Republic of Cuba No. 38 Ordinary of this year, transfers to the heads of chain stores and other marketing entities the power to approve these prices, in accordance with a report of the Prensa Latina (PL) agency.
? Resolution No.81 of 2022 of #FinanceandPrices
? The legal provision states that ?: a selection of essential products with a high impact on the population are centralized ⤵⤵: pic.twitter.com/OMEo88wBPx— Ministry of Finance and Prices Cuba (@finanzasprecios) April 12, 2022
The regulations indicate that they maintain centralized prices for several essential products with a high impact on the population, such as edible oils, chicken (thigh and thigh), poultry mincemeat, beef and Havana Club rums, the newspaper reports.
Also exempt from the new measure are domestically produced economic hygiene and cleaning items such as toilet and bath soaps, detergents, toothpaste and gel, deodorants and floor blankets, PL specifies.
The legal provision gives continuity to the gradual process of decentralization of powers to the business system to set retail prices in Cuban pesos, the MFP published on its social networks.
In addition, it establishes that current general principles be taken into account with a comprehensive evaluation of costs and expenses with criteria of rationality and efficiency, as well as the correlation with market benchmarks, the source points out.
Specifically, it empowers the President of the Business Administration Group to establish retail price regulations for products sold by the Store Chains under his care, when required, as disclosed.
The new regulation annuls Resolution 346, issued by Meisi Bolaños, current minister of the MFP, which establishes centralized retail prices of products that are marketed by chain stores, except for the selection of the specified economic line, recalls PL.
The text adds that, according to the provisions now, the President of the Business Administration Group will inform the MFP about the results obtained from the decentralization process at the end of this year.
Decentralization in decision-making in the business system has been one of the purposes of the Cuban Government in the plan of measures that seeks to update the economic model of the country to get out of the long economic crisis.
The Ordering taskwhich among other measures included some steps towards the intended decentralization and the elimination of dual currency in the country, has not had the desired impact on the well-being of the population, according to recognized by the government itself.
The ineffectiveness of these decisions has inflation shot up to more than 70% at the end of 2021and the crisis has also worsened due to the impact of the COVID-19 pandemic in the country, and the tightening of the embargo/blockade imposed by the United States government.
