On 2 August 2011, ''The New York Times'' reported that Cuba reaffirmed its intent to legalize "buying and selling" of private property before the year's end. According to experts, the private sale of property could "transform Cuba more than any of the economic reforms announced by President Raúl Castro's government". It would cut more than one million state jobs, including party bureaucrats who resist the changes. The reforms created what some call "New Cuban Economy". In October 2013, Raúl said he intended to merge the two currencies, but , the dual currency system remains in force.