Automotive Sector

Cars to be Sold in Convertible Currencies

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Cubans will now be able to buy cars in Havana using tradeable/convertible currencies with a 10 percent discount on 2014 prices the Minister of Finances and Prices, Meisi Bolaños, announced on the ‘Mesa Redonda’ (‘Round Table’) TV program. Ms. Bolaños also said 85 percent of the revenue from sales of the vehicles will fund road and highway renovation and public transportation improvements such as bus purchases, maintenance, and repair. Iset Vazquez First Vice-president of the CIMEX corporation said that car sales will begin in Havana and later extend to the other provinces. The government has been forced by the continued escalation of U.S. sanctions to focus on improvements to the public transportation sector. Railroad infrastructure improvements and the national manufacturing of spare car parts has…

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