English Translations of Cubans Writing From the Island
14ymedio, Elías Amor Bravo, Economist, 27 August 2022 — There is no doubt that the issue of the moment, at least for those of us who are dedicated to the analysis of the Cuban economy, is the official authorization of foreign exchange in a series of establishments and for a fixed amount only for natural … Continue reading “The Official Foreign Exchange Market: Failure is Already Coming”
14ymedio/EFE, Havana, 22 August 2022 — The Cuban government announced on Monday that it will start selling dollars to the population on August 23 at a rate of 123.60 Cuban pesos (CUP) per dollar. The 37 premises authorized to carry out this operation will report daily the number of people who can buy that day, … Continue reading “The Official Sale of Dollars in Cuba Begins and Each One Will Cost 123 Pesos”
14ymedio, Elias Amor Bravo, Economist, 6 August 2022 — The regime’s state press was surprised to see that the first day of the new measure of foreign exchange buying by the State “passed calmly and as planned.” What did they think was going to happen? Perhaps they had imagined one of those shows that the … Continue reading “There Was No Show on the First Day of Cuba’s New Exchange Rate Initiative”
14ymedio, Juan Diego Rodríguez, Havana, 4 August 2022 — I took to the streets of Havana with ten dollars in my pocket. A sweaty, fought-for bill, a miniature fortune in the country of bank surprises. I wasn’t forgetting the words of the Minister of Economy, serene as an executioner between the president of the Central … Continue reading “Ten Dollars and Five Banks Later: a Cuban’s Dilemma in Selling His Foreign Currency”
14ymedio, Elías Amor Bravo, Valencia, 4 August 2022 — Finally, what was promised has been fulfilled. On July 21, Minister of Economy and Planning Alejandro Gil announced in the National Assembly a set of measures that, in his opinion, “within socialism will serve to strengthen the economy.” And yesterday, on State television’s Roundtable program, together with … Continue reading “The Cuban Minister of Economy Declares War on the Informal Exchange Market. Who Will Win?”
14ymedio, Havana, 3 August 2022 — In the midst of the deepest economic crisis in two decades, the Cuban government announced the purchase of dollars in cash at 120 pesos starting on Thursday. “We are going to start with the purchase of foreign currency, of all currencies including the dollar, in cash, at a higher … Continue reading “Against the Ropes, the Cuban Government Announces the Purchase of Dollars in Cash at 120 pesos”
14ymedio, Madrid, 14 April 2022 — When arriving or leaving Cuban airports, travelers will be able to have 5,000 pesos in their pockets instead of the 2,000 authorized until now. Inflation has forced the Government to increase the limit in order to charge much higher customs taxes to those who bring merchandise. The new norm … Continue reading “Inflation Forces the Central Bank of Cuba to Raise the Limit per Traveler to 5,000 Pesos”
14ymedio, Havana, November 9, 2021 — The Cuban government’s top priority is controlling inflation. That is what economics minister Alejandro Gil claimed during an interview on Radio Reloj over the weekend. Gil said the solution lay in increasing the amount of goods and services available at businesses that accept payment in Cuban currency. In a … Continue reading “Former Government Minister Proposes Floating Exchange Rate to Curb Inflation”
14ymedio, Havana, June 21, 2021 — Some of the unknowns that have hung over the island in the last ten days began to lift today, which marked the start of a suspension on certain types of dollar transactions. Though banks will no longer allow customers to make cash deposits of U.S. currency, the dollar remains … Continue reading “The Dollar Remains Legal in Cuba though Banks No Longer Accept Cash Deposits”
14ymedio, Havana, 17 June 2021 — The Cuban banking system has devised a new option to keep the foreign currency of tourists, who can acquire, starting this Tuesday, Prepaid Cards at the Cadeca currency exchange offices in Varadero and Cayo Coco. The cards, of 200, 500 and 1,000 dollars, are only for non-resident travelers, who … Continue reading “Tourists in Cuba Can Now Buy Cash Cards of Up to $1,000”
Cubanet, Miriam Celaya, Havana, 11 June 2021 — An informative note from the Central Bank of Cuba (BCC) presented on Cuban TV’s Roundtable program this Thursday, June 10, announced the temporary suspension of US dollar deposits in Cuban banks by individuals and legal entities. As expressed in the note, this measure, which will go into … Continue reading “Cuba’s New Bank Resolution: More Shadows than Lights / Miriam Celaya”
14ymedio, Havana, 6 June 2021 — Cuba’s official press has claims that the the state-owned currency exchange company, Cadeca, was planning to sell prepaid cards in convertible foreign currency that could be purchased with Cuban pesos at the official exchange rate of 24 pesos to the U.S. dollar. “Such reports are completely false and an … Continue reading “Cuba’s New Prepaid Currency Cards for Visitors Cannot Be Purchased with Pesos”
14ymedio, Havana, 20 May 2021 — Without warning, currency exchange bureaus at Cuban airports abruptly stopped selling hard currency on Thursday due to a shortage of hard cash. The news came in an announcement by Cadeca, the state-run currency exchange agency, on social media a few hours before the measure took effect. “In light of … Continue reading “Out of Dollars, the Cuban Government Suspends Hard Currency Exchange at Airports”
14ymedio, Havana, 20 May 2021 — The Cuban Government is limiting the use of accounts in freely convertible currency (MLC) of state companies and self-employed persons authorized to sell in dollars, following the approval this Wednesday of Resolution 157/2021 of the Central Bank of Cuba (BCC). The legal rule, which will come into effect on June 3, stipulates … Continue reading “Cuban Government Will Regulate Foreign Exchange in Bank Accounts of State Companies and Private Sector”
Elias Amor Bravo, Economist, 8 May 2021 — It is hard to imagine a Spanish or French agricultural producer wanting to buy a tractor and having pay for it in dollars in a store in Spain or France. I comment on this circumstance here and my interlocutors are surprised. Then comes the tentative question, can’t a … Continue reading “Why Can’t a Cuban Farmer Buy a Tractor With Cuban Pesos?”
