Every    
              revenue/expense of the Cuban state in foreign currency will be    
              deposited/ paid into/by a banking account in the Central Bank of    
              Cuba and every expense in foreign currency will be determined by a    
              committee headed by the central bank.   
              The decision was printed by Granma,    
              an official organ of the Communist Party of Cuba, and will come    
              into force on January 1, 2005.
   
              According to Granma, all foreign    
              currency revenues under the forms of financial contributions,    
              taxes and incomes from joint-ventures and joint-stock companies    
              will be deposited into the account. As of February 1, 2005, the    
              committee, comprised of experts from relevant State agencies, will    
              be the sole body in charge of determining the foreign currency    
              revenues and expenses of Cuban agencies and enterprises.
   
              As of the first quarter of 2005,    
              enterprises will be exempt from contributing part of their foreign    
              currency revenues to their governing bodies for internal    
              distribution. However, the sums will be initially deposited into    
              the account and then distributed by the above committee.
   
              The Central Bank of Cuba said that    
              centralising the management of foreign currency revenues and    
              expenses aims to make more effective use of the countrys foreign    
              currency sources and enable Cuban enterprises to fulfil their    
              commitments to foreign partners.
   
              The Cuban demand for foreign    
              currencies will rise dramatically as the island country has signed    
              a series of economic, trade and credit cooperation agreements with    
              China and Venezuela, and US dollars have been recently replaced by    
              convertible Cuban pesos (CUC). Additionally, the country has    
              discovered new oil sources.-Enditem