Banking

Remittances: Aiding the Individual or Private Business?

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The eventual legalization of small and medium-sized private companies, together with the strengthening and greater autonomy of municipalities in the new territorial division endorsed by the new Cuban Constitution could become opportunities for investment of remittances at the local level.The government of Cuba is studying the experiences of other countries to channel the collective benefits of remittances that arrive in the Caribbean nation from the United States, Canada, Europe and other regions where more than 1.5 million migrants settle.Official sources admit that these shipments represent a “strong and important” income for the economy and there is a space to channel it towards productive investments. They also recognize that the process includes the need to encourage the collection of remittances with a benefit for the receiver.There…

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