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Cuba’s Former Minister of Economy José Luis Rodríguez recognizes “mistakes” and the impossibility of reaching the 2% growth predicted in 2024 14ymedio, Madrid, 27 August 2024 — Cuba’s gross domestic product (GDP), which collapsed by 1.9% in 2023, will not even come close this year to the predicted 2% increase. An article published this Monday … Continue reading “A Former Minister Admits That Cuba Is Suffering From an Economic Debacle”

Fincimex suggested that senders from Europe use other routes 14ymedio, Havana, June 15, 2024 — Remittances that were sent to Cuba from Europe through Small World Financial Services have been stopped. Since 2011, the British company has been dedicated to sending remittances to the Island. This was reported by the Cuban State-owned company Fincimex through … Continue reading “The British Company Small World Suspends the Sending of Remittances to Cuba From Europe”

14ymedio, Madrid, April 8, 2024 — ‘Bancarización’* — banking reform — is stagnating in Cuba despite the many hours spent promoting it in the official media. Last year, 30% of banking operations were carried out in cash, despite the fact that only 77% of the 800 ATMs on the Island dispense it, according to data … Continue reading “‘Bancarizacion’ – Banking Reform – Has Not Reached the Level Desired by the Cuban Regime”

14ymedio, Havana, 28 March 2024 — The Cuban regime took another step this Wednesday in its attempt to capture a greater amount of foreign exchange. The Clásica card, issued by Fincimex, the financial wing of the Gaesa military conglomerate, can now receive remittances from any country through the Tocopay application, based in Bilbao, Spain. Fincimex … Continue reading “Cuban Military Tries To Regain Control of Remittances”

14ymedio, Havana, 6 March 2024 — Among the Government’s pending and urgent tasks, said Cuban Prime Minister Manuel Marrero on Monday, is “the restructuring of the foreign exchange market,” set for February. Now in March, and without measures on the horizon, it is impossible to contain. In the midst of government inaction, the escalation in the … Continue reading “The Dollar and the Euro Are on the Way to Reaching 340 Cuban Pesos in March”

14ymedio, Madrid, 7 February 2024 — A Cuban resident of Tampa, Florida, was accused on Tuesday by the United States Federal District Prosecutor’s Office of illegally transferring $100,000 from the Island to the United States. According to an official statement, Mirtza Ocaña, 38, faces a sentence of up to five years in prison if she … Continue reading “A ‘Mule’ Who Made 45 Trips to Cuba in Less Than a Year Is Arrested in Tampa With $100,000”

14ymedio, Havana/Miami, 6 February 2024 — Western Union plans to resume the remittance service to Cuba on April 1. That is the date they gave to 14ymedio in calls to two offices in the United States. The employees did not know how to answer why it will take so many months to restore the transfers. … Continue reading “‘We Will Have To Wait Until April 1 for the Resumption of Remittance Services to Cuba’”

14ymedio, Miami/Havana, 1 February 2024 — “At the moment, deliveries to Cuba are not available until further notice,”  is the response of an employee of a Western Union office in Miami this Thursday, confirming to 14ymedio the impossibility of sending remittances in this way, after trying both in the application and in three physical branches. … Continue reading “The Fall of Fincimex Paralyzes U.S. Remittances to Cuba”

14ymedio, Havana, 23 September 2023 — Miguel Díaz-Canel met this Friday behind closed doors, in New York, with a group of U.S. businessmen, several of them Cuban Americans, to discuss the “new business opportunities” they may have in Cuba, thanks to several economic “transformations” prepared by Havana. Although the president did not offer other details … Continue reading “Cuban President Diaz-Canel Suggests Changes in the Law To Authorize Investments by Cuban Americans on the Island”