In its Tuesday edition, Granma newspaper reports that the regulations of commercial relations in freely convertible currency between entities authorized for foreign trade and the non-state sector were updated.

The article states that the main objective of the update is to facilitate access to import or export goods and services.

The document reiterates that the Regulation governs the commercial relations in the operations in freely convertible currency between the entities authorized to carry out foreign trade operations and the non-state management firms.

Such renewal is published in Resolution 166/2024, available in the Official Gazette No. 95 of this year, the daily added.

The document explains that the adjustment is due to the identification of distortions in foreign trade operations by authorized entities, currently 48, and the current complex economic and financial scenario in Cuba.

The authorized entities, in charge of processing the necessary approvals before the competent bodies, must supervise the operations through internationally recognized inspection agencies.

In addition, they must establish internal procedures to regulate commercial relations and pay special attention to not contracting payment commitments without having guarantees for collecting the money, as well as to the risks of non-payment of costs and expenses associated with the operation, until delivery to the client.

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