OTHER NEWS - July 16, 1993

Cuba Talking to Foreign Banks: In the most recent move toward relaxation of government controls on its socialist economy, Cuba is talking to foreign banks about opening offices on the island, the deputy governor of the central bank told an investment conference in Cancun, Mexico. Discussions of joint banking ventures with several international banks are in preliminary stages, said Raul Amado. Currently, Cuba has three banks, all government-owned. “That system served us well in the past but may no longer be sufficient,” Amado said. He said the government might be willing to accept majority foreign ownership of the new banks. The foreign banking offices will provide services needed by the growing number of companies that are joint ventures with international corporations, Amado said.