Authority to determine retail prices in Cuban pesos is decentralized

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Descentralizan facultad para determinación de precios minoristas en pesos cubanos

The Ministry of Finance and Prices (MFP) made the decision, endorsed by Resolution Number 81 of 2022, to establish the decentralization of an important range of retail prices in Cuban pesos that are marketed by chain stores and other related entities.

Published in the Official Gazette No. 38 Ordinary of 2022, the legal provision states that the measure is part of the process of updating and gradual implementation of the Price Policy, based on the assessment of the convenience of decentralization, so that allow flexibility in your approvals.

The document, signed by the Minister of the MFP, Meisi Bolaños Weiss, resolves to decentralize, to the heads of chain stores and other related marketing entities, the power to approve retail prices in Cuban pesos, except those of a selection of cheap line products.

This last group includes edible oils, chicken (thigh and thigh), poultry and beef mincemeat, Havana Club rums and a series of domestically produced hygiene and cleaning products, such as toilet and bath soaps, detergents, toothpaste and gel, deodorants and floor blankets.

Resolution 81/2022 of the MFP also establishes that, in the determination of decentralized retail prices, the current general principles are taken into account, with a comprehensive evaluation of costs and expenses based on criteria of rationality and efficiency, as well as the correlation with market benchmarks.