Cuban central bank President Francisco Soberon Valdes has tendered his resignation after nearly 15 years in office.

Mr Soberon was one of the last confidantes of former leader Fidel Castro who was still in a senior position.

In March, the new leader Raúl Castro drastically reshuffled his cabinet. He replaced Foreign Minister Felipe Pérez Roque and Cabinet Chief Carlos Lage, both regarded as confidantes of Raúl’s brother Fidel. The new central bank president is Ernesto Medina, the director of one of Cuba's state-owned banks.

Cuba's centrally led economy is also suffering from the effects of the global recession. Tourism has collapsed and demand for Nickel, Cuba's main export product has fallen substantially.

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