Search results for: bancarización

14ymedio, Havana, August 24, 2023 — The Cuban Prime Minister, Manuel Marrero, attacked micro, medium and small companies (SMEs) and other private businesses that “resist” the priority use of electronic payment channels. The measure, which represents the core of the country’s  bancarización* banking reform process decreed at the beginning of August, has been criticized by … Continue reading “Experts Close to the Government Point Out Cuba’s Lack of Preparation for the ‘Bancarización’ Banking Reform Process”

14ymedio, Madrid, 20 September 2023 — It has been a month and a half since a series of measures referred to as bancarización took effect and opinion on the street remains unchanged. This government effort is intended to encourage businesspeople and consumers to use electronic payment options rather than cash. “I don’t understand how it … Continue reading “Indications Are the New Banking Reform Measures Are Failing but Cuban Officials Still See Them as Necessary”

14ymedio, Madrid, September 12, 2023 — Faced with the peso’s seemingly unstoppable free fall, the Cuban government is mobilizing its own economists by soliciting proposals from them. One such proposal, submitted by Joel Ernesto Marill Domenech, was published this week in Cubadebate. In a series of two articles, the official from the Ministry of Economy … Continue reading “Cuban Government Taps Experts in an Effort to Halt Peso’s Downward Plunge”

14ymedio, Madrid, 8 September 2023 — The price of a kilo of chicken that Cuba imports from the United States continues to rise and stood at $1.23 USD in July, 3.4% more than the previous month ($1.19) and 38% more than in May, when it barely cost $0.89. In this context, imports were reduced compared … Continue reading “The Price of US Chicken Rises, Imports to Cuba Fall”

14ymedio, Elías Amor Bravo, Economist, 11 September 2023 — Cuba’s communist regime seems hell-bent on phasing out the use of cash and replacing it with electronic payment platforms, specifically Transfermóvil and Enzona. To these ends, it organized a “trade fair,” a kind of Saturday street market along Galiano Street in Central Havana, where all transactions … Continue reading “The Business of Communist-Sponsored Street Fairs”

14ymedio, Natalia López Moya, Havana, September 3, 2023 — “No, I’m not buying foreign currency at the moment,” an informal money changer in Central Havana responds bluntly. In two weeks the dollar has fallen from the 250 pesos it cost in mid-August to 215 pesos this Sunday, according to the reference rate published by the … Continue reading “The Suspicious Fall of the Dollar in Cuba Is Linked to a Wave of False Foreign Exchange Offers on Networks”

14ymedio, Havana, 28 August 2023 — Cuba’s official currency exchange, Cadeca, indicated on Sunday that, after being out of commission for three days, the Ticket app will again be taking online reservations for people wanting to buy hard currency at its authorized branches. The waiting list at just one Havana location already exceeds 12,000 people. … Continue reading “Tens of Thousands of Cubans on Waiting List to Buy Dollars”

14ymedio, Havana, 15 August 2023 — As of Tuesday, August 15, Cuban banks will offer their customers a 6% discount for using electronic payment options. However, the offer will not last long, only until the 30th of this month. The vice-president of the Central Bank of Cuba (BCC), Alberto Quiñones, announced the measure on Monday … Continue reading “Cuban Officials Offer a Fifteen-Day 6 Percent Discount on Electronic Payments”