Central Bank of Cuba
Encyclopedia
The Central Bank of Cuba is the central bank
of Cuba
. It was created in 1997, to take over many of the functions of the National Bank of Cuba . From its creation, until May 2009, the President was Francisco Soberón Valdés.
The President of the Central Bank is a member of the Council of Ministers of Cuba
.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
. It was created in 1997, to take over many of the functions of the National Bank of Cuba . From its creation, until May 2009, the President was Francisco Soberón Valdés.
Functions of the Bank
Its website sets out its mission:- To issue the national currency and seek for its stability.
- To contribute to the macroeconomic balance and orderly development of the economy.
- To keep custody of the country’s international reserves.
- To propose and implement a monetary policy which allows to attain the economic goals established by the country.
- To ensure normal internal and external payment operations.
- To dictate mandatory regulations.
- To exercise the functions related to the discipline and supervision of the financial institutions and representative offices authorised to establish themselves in the country and of any other entrusted to it by the laws.
The President of the Central Bank is a member of the Council of Ministers of Cuba
Council of Ministers of Cuba
The Cabinet of Cuba is the highest ranking executive and administrative body of the Republic of Cuba, and constitutes the nation's government...
.