Cuba´s Central Bank Bears Out Budget Surplus in 2004

Cuba managed to amass its first current account surplus in fourteen years since the collapse of the Soviet bloc in 1990, driven by nickel exports, tourism gains and the sale of medical services overseas, said Francisco Soberon, chairman of the island nation´s Central Bank.

Mr. Soberon noted that the prospects of a stronger economy have put the country in a position to revaluate its two currencies against the U.S. dollar in an effort to bridge the gap between greenback haves and have-nots within the population.

With the sole exception of the sugar industry, the rest of the economic sector fared well in 2004, especially the exports of nickel at a much better price that made the nation net $500 million worth of gross profits. Cuba holds the world´s largest reserves of the coveted mineral.

Mr. Soberon also pointed out the tremendous upturn of the local leisure industry that received more than two million visitors for the first time ever last year, as well as benefits derived from commercial agreements inked with China and Venezuela, Cuba´s new allies and trade partners.

In the case of China, the island nation signed an accord to increase nickel production. In the same breath, Havana is getting preferential oil prices of Venezuelan crude and byproducts.