Cuba appoints the new president of the Central Bank

Cuba appoints the new president of the Central Bank

HAVANA, Feb. 16th. Cuba appointed Joaquín Alonso Vázquez as the new president of the Central Bank, replacing Martha Sabina Wilson, dismissed this Wednesday according to the official television news, without specifying the reasons for the removal.


“The Council of State, at the proposal of the President of the Republic (Miguel Díaz-Canel), with the prior approval of the Political Bureau of the Central Committee of the (Communist) Party, agreed to promote compañero Joaquín Alonso Vázquez to the position of Minister President of the Central Bank of Cuba “reported the evening news.

Vázquez, 59, who since 2017 was president of the Cuban Mercantile Society Casas de Cambio (Cadeca), has held various positions in the Cuban banking sector in his career.

The change occurs when the Cuban State and the Central Bank face a lawsuit before a London court filed by the investment fund CRF I Ltd, a private creditor.

CRF claims to have legally acquired an unpaid commercial debt, during the period of leader Fidel Castro, while Cuba considers it an illegitimate “vulture fund.” Now a British judge will have to decide if the trial proceeds.

Related: Central Bank of Cuba allows the island’s non-residents to open US dollar bank accounts

Cuba is facing a delicate economic situation due to the effects of the coronavirus pandemic and the strengthening of the US embargo, while there is uncertainty about the situation of the island’s international reserves.