Beginning Saturday, a single government account will be established for foreign currency and for convertible Cuban pesos, an exchangeable currency that trades 1-1 to the U.S. dollar and that is now used as the primary form of legal tender on the island nation.
Under a series of steps to be introduced in the coming months, state enterprises will relinquish control over foreign exchange and convertible Cuban peso accounts.
Any profits from sales or services will have to be deposited into that single government account.
The move will severely limit any remaining autonomy inside the various state enterprises. It will also effectively turn back an earlier government policy calling for state enterprises to move toward self-financing by pouring earned foreign income back into their operations.
Also, a state company that now wishes to buy any goods or services available only in foreign currency will need to obtain special approval from a new Foreign Exchange Approval Committee.