Cuba: disappearance of billions of dollars
Thursday, August 2nd, 2012
"A massive decline if currency deposits reported by the Central Bank of Cuba (…) is very unusual," denounces the former chief economist of the Organization of American States, Luis R. Luis. "Two consecutive quarters of bank runs indicate a drastic change in policy," he says at the Miami El Nuevo Herald. This specialist in Cuban economy has plunged into the documents of the Bank for International Settlements (BIS), the central bank of central banks.
Until September 2011, the Cuban deposits in foreign banks were 5.64 billion. They dropped to $ 4.1 billion in December 2011 and to $ 2.8 billion in March 2012. Cuba's assets abroad had always progressed since 10 ans.La election of Hugo Chavez would not be foreign to these capital movements freecreditscore. According to Luis R. Luis, Havana was able to repatriate funds for the island to "guard against a fall of Venezuela."
Unless Havana has financed the election campaign of Hugo Chavez, as Cuba depends on Venezuelan oil. Luis R. Luis advance three hypotheses. A need for cash to finance economic reforms Raul Castro, a Cuban withdrawal of Spanish banks, found to be unsafe. The economist believes that the funds may also have been placed in Chinese banks, not members of the BIS, to facilitate the growing trade between Havana and Beijing. In this mysterious story, very Cuban, Havana has not given any kind of explanation.