DevTech Systems President and CEO, Rafael Romeu, was quoted this July in The Miami Herald regarding Cuba’s need for currency reform and the likelihood of a reform occurring. The article entitled, “Cuba badly needs currency reform, but it won’t happen yet, economists say” was written by Mimi Whitefield and was written following the Association for the Study of the Cuban Economy’s (ASCE) annual conference. Romeu is a member of ASCE and spoke on a panel regarding monetary duality and currency unification at the conference.
Whitefield’s article explores the need for unification of Cuba’s two currencies and economists, like Romeu, share their insight regarding timing and currency conditions. In the article, Romeu discusses how Cuba’s currency form is intertwined with the economic state of Venezuela, who is the typical source of foreign transfers. Romeu goes on to share why he doesn’t see unification happening in the current environment.
