Search results for: cadeca

The History of the CUC, or How the Dollar’s Bastard Brother Shaped the Lives of Cubans for 27 Years

14ymedio, Carla Gloria Colomé Santiago, New York, 28 March 2021 — The CUC has died and died young, like Amy Winehouse, Jimi Hendrix or Janis Joplin, just 27 years old. The CUC, the Cuban convertible peso or chavito, as it has also been called, would become the substitute actor of the dollar that, at times, … Continue reading “The History of the CUC, or How the Dollar’s Bastard Brother Shaped the Lives of Cubans for 27 Years”

King Dollar Rules Cuba More Every Day

14ymedio, Laura Rodríguez Fuentes, Santa Clara, 5 October 2020 — The seller of dollars suggests moving from his place on the sidewalk so that the park surveillance cameras do not record him red-handed. He walks to a nearby passageway of a family building and from his wallet he extracts a considerable bundle of bills: Cuban … Continue reading “King Dollar Rules Cuba More Every Day”

Ten Months in Prison for a Sancti Spiritus Reseller

14ymedio, Havana, 19 September 2020 — A resident of the Cabaiguán municipality, in Sancti Spíritus, was sentenced to ten months in prison for illicit economic activity within a network that sold essential items on digital platforms and which was dismantled by the Ministry of the Interior. Another citizen is being processed by the Public Prosecutor’s Office, … Continue reading “Ten Months in Prison for a Sancti Spiritus Reseller”

Several Cashiers at Currency Exchanges in Santiago de Cuba Arrested for Illegal Sale of Foreign Currency

14ymedio, Havana, 15 September 2020 —  An operation coordinated by the Revolutionary Armed Forces and the Police in Santiago de Cuba dismantled a network that was dedicated to the sale of foreign currency for the acquisition of household appliances. Several employees of the exchange houses (Cadeca) and informal vendors were part of the group. A report … Continue reading “Several Cashiers at Currency Exchanges in Santiago de Cuba Arrested for Illegal Sale of Foreign Currency”

The Cuban State Bank, From Bad to Worse

14ymedio, Elías Amor Bravo, Economist. 15 September 2020 — This morning (Tuesday) I had the opportunity to have a coffee with a colleague who works as director of a bank office in the Valencia capital. During the conversation, which revolved around important issues related to the future of the Spanish economy, it occurred to me to show … Continue reading “The Cuban State Bank, From Bad to Worse”

Cuban Police Fight Illegal Currency Trafficking

14ymedio, Luz Escobar, Havana, August 12, 2020 — Along with hoarders and coleros — people paid to wait in line — unofficial money changers are on the police’s radar. They are after individuals who exchange dollars and other hard currency on the black market. Raids began after digital classifieds began appearing on internet portals, where … Continue reading “Cuban Police Fight Illegal Currency Trafficking”

The ATMs in Havana Run Out of Cash

14ymedio, Marcelo Hernández, Havana, 10 May 2020 —  In these days of confinement to avoid the spread of the coronavirus, the lines in Havana are not limited to the purchase of food and toiletries. Also the lack of cash in many ATMs causes endless waiting to get convertible pesos (CUC). “This is the third ATM I’ve tried … Continue reading “The ATMs in Havana Run Out of Cash”

The Slow Agony and Death of Fidel Castro’s Currency

Elías Amor Bravo, Economist, 27 November 2019 — The CUC was the fictitious currency created by Fidel Castro during the Special Period to avoid the dollarization of the Cuban economy. A controversial decision that has created not a few problems in the operation of demand and supply. Three years after his death, the authorities seem to have … Continue reading “The Slow Agony and Death of Fidel Castro’s Currency”

Tourists and Some Cubans Are Happy about the CUC’s Devaluation

14ymedio, Luz Escobar / Mario J. Pentón, Havana / Miami, 26 November 2019  — When his mother asked him to send the usual monthly remittance in dollars, Guillermo Prieto — a Cuban man living in Homestead, a town south of Miami — thought it was so she could buy a household appliance at one of … Continue reading “Tourists and Some Cubans Are Happy about the CUC’s Devaluation”

Cubans Unable to Withdraw Money from Accounts with Foreign Currency

14ymedio, Zunilda Mata, Havana, November 5th, 2019 — Bank accounts freezing has been implemented in Cuba and not many knew about it. Marta Karla just learned it the hard way when she tried to withdraw $500 US she deposited in her account six months ago, which she was required to do to qualify for a … Continue reading “Cubans Unable to Withdraw Money from Accounts with Foreign Currency”

Currency Exchanges Cut Employees’ Salaries to Repair Their Premises

14ymedio, Marcelo Hernandez, Havana, 18 December 2018 — All of the employees at the state operated currency exchanges (known as Cadecas), will receive 40 Cuban pesos (CUP) less in salary in December, according to reports from several employees speaking to 14ymedio. The amount deducted will be used — according to what they’ve been told — … Continue reading “Currency Exchanges Cut Employees’ Salaries to Repair Their Premises”

Long Lines at Cuban Banks For Fear of Monetary Unification

14ymedio, Zunilda Mata, 15 March 2018 — The last weeks have been like a heart attack for Luis, the employee who guards the door at the Metropolitan Bank (Banmet) on Galiano Street, in Havana. The flood of customers doesn’t give him a minute’s rest because “people are going nuts changing and saving money” out of fear that … Continue reading “Long Lines at Cuban Banks For Fear of Monetary Unification”

“We Don’t Accept Payment In CUC Here”

14ymedio, Zunilda Mata, Havana, 17 February 2018 — “I do not accept CUC,” the driver of the shared taxi warns passengers at Havana’s Fraternity Park. It is the third time that day that Lídice, 40, has heard the same phrase. The first time was from a peanut seller and then from a barber. Both refused … Continue reading ““We Don’t Accept Payment In CUC Here””

Large Remittances Deplete the Cash at Western Union

14ymedio, Marcelo Hernández, Havana, 31 January 2018 — Carmen Moya puts on her most comfortable shoes, those that her son sent from New Jersey with a warning “only for special occasions.” Now she uses them to go from one  Western Union to another in search of the money the young man sends her, but the lack of … Continue reading “Large Remittances Deplete the Cash at Western Union”

Tourists and New Rich, Magnets For Thieves in a Country Not That Safe

14ymedio, Marcelo Hernández, Havana, 25 January 2018 — It’s 11:00 in the morning when two Germans show up at the Zanja y Dragones Police Station in Havana. A man has stolen their camera in the vicinity of Hamel alley, an area much visited by foreigners. The officer on duty seems to be accustomed to these cases and begins … Continue reading “Tourists and New Rich, Magnets For Thieves in a Country Not That Safe”