The Cuban National Assembly passed a set of reforms that would open the Cuban system to private investment and private banks in the island’s financial system. The measure came after the Trump Administration imposed sanctions on the Cuban state oil company, Unión Cuba-Petróleo (CUPET).
Key Takeaways
- The National Assembly passed 176 reforms on Thursday, opening Cuba to private investment.
- Under new rules, Cuba allows private firms with over 100 staff and private real estate market investment.
- Trump’s sanctions forced Diaz-Canel to exert reforms to save the island’s crashing economy.
Cuba Backpedals On Socialism With New Economic Reforms
Cuba, one of the bastions of communism still present in the world, is now making changes to dynamize its economy, which has been hit by recent U.S. pressure.
On Thursday, the National Assembly of Cuba passed a set of 176 reforms to decentralize the Cuban economy, which has traditionally been state-driven, and open several sectors, including the financial, to private capital.
The changes wou
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