Search results for: bancarización

Without a Bank and an Internet Connection, the Cuban ‘Guajiro’ Wants To Have Cash in Hand

14ymedio, Havana, 14 October 2023 — The official press warned this Saturday that the bancarización* banking reform process in Pinar del Río has found its nemesis: the Cuban guajiro. “They have no culture of that,” complained the authorities, who insist that the farmers – particularly those dedicated to tobacco cultivation – are impervious to the … Continue reading “Without a Bank and an Internet Connection, the Cuban ‘Guajiro’ Wants To Have Cash in Hand”

August Rumors: Banking Rules Killing Small Businesses plus Mariela Castro, a Porsche and Crooked Cops

14ymedio/Yucabyte, Havana, September 22, 2023 — What’s driving the Cuban government to adopt new banking measures in the midst of a nationwide cash shortage? Which restaurants in Havana are being secretly managed by the children and grandchildren of senior Armed Forces’s officials? What event will get so out of control that the island’s frustrated inhabitants … Continue reading “August Rumors: Banking Rules Killing Small Businesses plus Mariela Castro, a Porsche and Crooked Cops”

Indications Are the New Banking Reform Measures Are Failing but Cuban Officials Still See Them as Necessary

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”

Cuban Government Taps Experts in an Effort to Halt Peso’s Downward Plunge

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”

The Price of US Chicken Rises, Imports to Cuba Fall

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”

The Business of Communist-Sponsored Street Fairs

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”

An Issue of High-Denomination Banknotes in Cuba Will Come Out This Month, Says a Bank Source

14ymedio, Havana, 8 September 2023 — Cuba will once again manufacture high-denomination banknotes that will circulate this month to alleviate the cash crisis that the Island suffers. The data was revealed to the official press by an official of the Banco Popular de Ahorro (BPA) of the town of Santa Fe, on the Isla de … Continue reading “An Issue of High-Denomination Banknotes in Cuba Will Come Out This Month, Says a Bank Source”

Cuba: If Gas Stations Eliminate Payment in Cash, What Will Happen Next?

14ymedio, Elías Amor Bravo, Economist, 3 September 2023 — With the Cuban economy suffering the acute effects of stagflation (economic stagnation and inflation), from which the authorities are unable to extract themselves, the demand to give continuity to the banking reform being referred to as bancarización* and the elimination of cash in payments for different … Continue reading “Cuba: If Gas Stations Eliminate Payment in Cash, What Will Happen Next?”

The Suspicious Fall of the Dollar in Cuba Is Linked to a Wave of False Foreign Exchange Offers on Networks

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”

Cuba’s Private Businesses Rebel Against Digital Banking: ‘We Only Accept Cash in Pesos, Dollars or Euros’

14ymedio, Havana, 1 September 2023 — “I sell 5,000 CUP in cash for a [digital] transfer. Best offer,” says a Cuban on social networks, where in recent weeks a new market has been created for the purchase and sale of pesos for pesos that the Central Bank of Cuba (BCC) has already placed outside the … Continue reading “Cuba’s Private Businesses Rebel Against Digital Banking: ‘We Only Accept Cash in Pesos, Dollars or Euros’”

Tens of Thousands of Cubans on Waiting List to Buy Dollars

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”

Keys to Cuban President Diaz-Canel’s Speech at the BRICS Summit

14ymedio, Elías Amor Bravo, Economist, 25 August 2023 — There was expectation about Díaz-Canel’s speech before the G77 and the BRICS gathered in Pretoria during the XV Summit of these countries. A missed opportunity to correct mistakes and and set things straight. Unfortunately, this is not present in the Cuban regime and, therefore, this speech … Continue reading “Keys to Cuban President Diaz-Canel’s Speech at the BRICS Summit”

Moscow Is Involved in the Digitization of Fiscal Control for Private Businesses in Cuba

14ymedio, Havana, 26 August 2023 — In the midst of the process of bancarización* [banking reform] of transactions in Cuba, a group of Russian experts advises the Cuban Minister of Foreign Trade and Foreign Investment, Ricardo Cabrisas, on issues of “digitalization of fiscal control and electronic banking.” His proposal: the foundation of a Business Development … Continue reading “Moscow Is Involved in the Digitization of Fiscal Control for Private Businesses in Cuba”

Banking and the Tax System under Cuban Communism: One More Twisted Path

14ymedio, Elías Amor Bravo, Economist, August 21, 2023 – The government claims its new banking reform measure, referred to as bancarización,* will be a boon for the tax system. Really? Or is it the other way around? For days now, the state-run press has been on a demagogic propaganda campaign to promote the measure, which … Continue reading “Banking and the Tax System under Cuban Communism: One More Twisted Path”

Cuban Officials Offer a Fifteen-Day 6 Percent Discount on Electronic Payments

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”