Banking system must play a leading role in Cuban development, says president

Cuban President Miguel Diaz-Canel

HAVANA, Cuba (ACN) — Cuban President Miguel Díaz-Canel has stressed the need for the local banking system to play a more prominent role in the development of the country.

“There is an essential relationship between banking services and the domestic economy, which should focus on financing productive chains, the most active role of commercial banking with those companies that do not resort to credit, and support for the fight against disorder in the deposit of cash. Also, concerning the population, it is necessary to simplify procedures, queues, increase banking penetration, and prepare people for the use of these services,” he said

He said it is also necessary to understand the importance of the banking system in the implementation of monetary, financial and credit policies, as well as the decisive role it must play in broadening the road to electronic commerce.

Diaz-Canel also discussed the need for a more efficient public administration that conveys confidence to individuals, the business system, the non-state sector, investors, and insisted on the active development of cadre policy.

He then spoke of the need to create favorable work environments that allow the realization of professional aspirations, especially of young people that facilitate overcoming, as strategies to face the departure of qualified personnel, without ignoring, of course, the salary motivations.

The participants, in all sectors, but especially in this one, Diaz-Canel said, must be distinguished by honesty, sensitivity to address the problems of the population and the culture of detail. This undoubtedly has an impact on the quality of services, which should be carried out with less bureaucracy.

He also insisted on the value of social communication in its performance, on the development of strategies that foster a culture about banking services and their advantages and encourage the use of all banking instruments by the business sector.

In his speech, Díaz-Canel emphasized the importance of continuing to develop, on the one hand, electronic government, with the computerization of all internal processes and services to the population, and on the other, electronic commerce, with the banking of services, a process that can contribute to the regulation of the non-state sector. And it did not overlook the impact of scientific research in the search for innovative solutions. Hence the value of alliances with study centers and universities.

“The economy has to be developed with science; the modernization of the banking activity takes science,” he said.



  1. Cuban President, Miguel Diaz-Canel, is absolutely correct regarding advancement and modernization of the Cuban Banking Model.

    The first step is to immediately focus on establishing a SINGULAR currency in Cuba.
    This must be completed BEFORE time and effort is expended on modernization of the current financial system.

    The second thing (in my opinion) is to NOT endanger the new system by allowing possible US or their allies sanctioning or applying other interference opportunities’ to the new system.

    Witness the current hacking of the computer-controlled electrical grid in Venezuela by the US Government, plus their trolls’ and dissidents’ efforts in destroying electrical relay stations.

    Your new computer-controlled system MUST be designed to thwart ALL possible interventions.

    Russia, in its efforts to thwart US Sanctions, has eliminated the SWIFT code and has created its own system of financial controls to eliminate this problem.
    I don’t know what the proper thing to do in Cuba’s case, regarding the use of the SWIFT code or another more hack-proof system.
    People send funds from Canada to Cuba using a SWIFT code bank, to a Cuban bank using SWIFT technology.
    If you are interested in world-wide adaption of money transfer, the SWIFT system is probably your best bet. For security of your country’s financial dealing from the ever-present danger of US Sanctions’, another system is A NECESSITY.

    Lots of luck to you folks in coming up with a viable solution to this frustrating financial problem.
    Don D.

  2. Don, you are so ill-informed that you simply guess or make up the rubbish that you write.

    Everything that is happening in Venezuela is caused by Cuba, they are even responsible for sending the Black Wasp snipers in to shoot and murder Venezuelan demonstrators.

    Fidel Castro and Hugo Chavez struck a deal that started off the falling apart of Venezuela all since then is well recorded.

    The Cubans already have state hacking teams who have been recorded interfering with other countries internal systems.

    You obviously do not follow the ALBA meetings/conventions and study what they say. It has already been agreed that all the ALBA members will enter a banking system designed to circumvent US intervention. I doubt they can successfully do that unless they only want to trade among themselves.

    There is a little in what you wrote which is sound advice, but who are you to be giving such advice. Most else what you wrote is total uninformed crap. The US had nothing whatsoever to do with the power outages, they were initially caused by a fire at one of the facilities. The whole grid system in Venezuela is falling apart through the usual lack of maintenance that automatically comes with socialist systems, plus lack of money because it has all been stolen, given away to Russia, China, and even nasty little Cuba the catalyst in the whole of Venezuela’s problems.

    Until Raul Castro is a molding in his grave Cuba should carry on suffering. Let’s all raise our glasses and make a toast looking forward to that day, may it be soon.

  3. Also Don the con, your ramblings and rantings from time to time about the US only being interested in Venezuela’s gold and oil. There quite simply is none it is all signed away the Russians and Chinese with Cuba sitting somewhere in shadows scrambling for the crumbs. Those are the real aggressors against Venezuela, that is why they all want to try and keep Maduro in power because the man is an idiot and does as he is told by them. Of course, he came from the bus company with a cap and uniform, a man of straw. Today he is rich beyond most peoples dreams with money laundered through Saint Vincent and the Grenadines ending in the UAE. And a substantial share of stolen gold held in Russia.

  4. Green and Mouldy;

    Your ceaseless ill-informed ramblings designate your intellect AND your choice of employment as a US-financed troll.
    Quantity of verbiage, needs another necessary ingredient – truthful content, which is sadly lacking in your rambling rhetoric.
    I can’t believe that you are so uninformed of the USA’s terrorism Involvement in Venezuela

    Do you NOT REALIZE that everyone in the world is privy to what is going on in Venezuela AS IT HAPPENS!
    The w.w.web SHOWS what the US and its minions are, and HAVE BEEN DOING, in order to destabilize the Sovereign Country of Venezuela and its Democratically-Elected President, Nicolas Maduro.

    Wake up you illiterate US-paid fool, get your head out of the sand for a change.

    Your ceaseless prattle and lies were perhaps useful in another era, but definitely laughable with today’s technologies’ with the young people’s ability to immediately sort the wheat from the chaff.

    You and your ilk are has-been’s in the current scale of terrorist activities’, Mouldy Green.

    Get a life!

    Don D.

    • G.T., Brewery Boy, Jolly, Moldy Green, C Bent Davey Boy, the One-and-the-same, poster on this site, get a life!
      I have NEVER done any printing for you, my friend(s?) NOR WOULD I.

      To equate what is happening in Venezuela by the United States, fancy this scenario for instance: –

      “Canada introducing Justin Trudeau, as the new self-proclaimed president of the United States. Effective immediately, President Trump is Eliminated as the leader of the United States of America.
      All US Bank accounts and all US products being delivered to ANY country, have been seized by Canada. All revenues generated by this maneuver are to be destined for Trudeau’s use, to promote this Coup”!

      What would the USA Government say or do, if this adventure were to really take place?
      I’d say that they would do EXACTLY what Venezuela and its Government are doing right now!

      What would the SENSIBLE COUNTRIES around the world say or do, about this so-called Canadian Coup against the USA?


      Wake up and smell the coffee, American Warmongers!

      Don D. from Northern Canada

  5. Sorry to deviate from the heading on this site.
    Since all of the forementioned names in the above post are one and the same person, I couldn’t help dissing this US-SPONSORED TROLL or DISSIDENT – whichever he is, on this site.

    What I implied on my first post of March 20th, to Miguel Diaz-Canel, on this site, STILL STANDS STRONGLY.
    More power to him!



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