Search results for: mlc

The Cuban Minister of Economy Declares War on the Informal Exchange Market. Who Will Win?

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?”

Against the Ropes, the Cuban Government Announces the Purchase of Dollars in Cash at 120 pesos

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”

A Cuban Deputy Regrets That All Hotel Stores Accept Payment Only in Hard Currency

14ymedio, Havana, 20 July 2022 — Cuba’s Minister of Tourism is sticking to his forecast and maintains once again that the target of 2.5 million foreign travelers will be met this year. Although in the first six months of the year, the island received only 682,297, the Cuban authorities are determined that geometric progression cannot … Continue reading “A Cuban Deputy Regrets That All Hotel Stores Accept Payment Only in Hard Currency”

The 94 Workers on a Farm in Las Tunas Have Not Been Paid For Two Months

14ymedio, Havana, 14 July 2022 — The workers at the Jobabo Urban Farm are beginning to tire. After two months without pay, the employees ask why they should pay the union and what is it doing for them. “They constantly tell us that we have to demand more from the administration for their interests, and … Continue reading “The 94 Workers on a Farm in Las Tunas Have Not Been Paid For Two Months”

The Euro Becomes the Most Sought-After Currency in Cuba and Reaches 123 Pesos

14ymedio, Natalia, López, Moya, Havana, 4July 2022 — The price of foreign currencies in Cuba is unstoppably taking flight again after the decline they experienced at the end of May. Among them, the euro once again outperforms the dollar by far. A euro is worth around 123 pesos in the informal market this Monday, compared to the 110 … Continue reading “The Euro Becomes the Most Sought-After Currency in Cuba and Reaches 123 Pesos”

Almost All the Industries of Sancti Spiritus, Cuba, Are Shut Down to Save Energy

14ymedio, Mercedes García, Sancti Spíritus, 14 June 2022 — The cuts extend throughout Cuba due to the energy problems that put an end to a summer whose worst part is just beginning. The directors of companies in Sancti Spíritus gathered their workers on Monday to give them the bad news: practically all production processes must … Continue reading “Almost All the Industries of Sancti Spiritus, Cuba, Are Shut Down to Save Energy”

The Blackout is the Essence of the Cuban Communist Revolution

14ymedio, Elías Amor Bravo, Economist, 17 June 2022 — The social pressure cooker is about to explode. This kind of thing has not been seen in Cuba since the time of the maleconazo. Unexpectedly, Díaz Canel appeared along with other senior officials of the regime and directors of the sector, simultaneously on Cubavisión, Cubavisión Internacional … Continue reading “The Blackout is the Essence of the Cuban Communist Revolution”

Spanish Consulate in Havana Will Charge for its Services in Euros and Cash

EFE (14ymedio), Havana, 17 June 2022 — The Spanish Consulate in Havana reported this Friday that as of July 1 it will begin charging its consular services in euros, only in cash and with the exact amount. The legation detailed in its Twitter account the price of services such as the preparation of passports (30 … Continue reading “Spanish Consulate in Havana Will Charge for its Services in Euros and Cash”

Cuban Regime Has No Idea What To Do With Private Entrepreneurs

14ymedio, Elías Amor Bravo, Economist, 12 June 2022 – Does the Cuban communist regime really know what it wants to do with the new economic actors? There are serious doubts. The best thing the regime can do for them is to forget that they exist, let them function in the most free and autonomous way … Continue reading “Cuban Regime Has No Idea What To Do With Private Entrepreneurs”

Several Consulates Suspend Their Services Due to a New Resolution of the Central Bank of Cuba

14ymedio, Havana, 10 June 2022 — The resolution of the Central Bank of Cuba, in force since this Friday, which prevents consulates on the island from converting their accounts in pesos into foreign currency has caused, from the outset, the paralysis of consular services in several diplomatic headquarters. The Panamanian Embassy, ​​which has seen a … Continue reading “Several Consulates Suspend Their Services Due to a New Resolution of the Central Bank of Cuba”

The Cuban State Does Not Have Hard Currency to Pay its Debt to Milk Producers

14ymedio, Havana, 10 June 2022 — The dairy company of Ciego de Ávila already owes 60,000 in freely convertible currency (MLC) to ranchers in the province, who are producing well above what was contracted to access the stimulus that was promised to them for it. However, the Cuban State affirms that it does not have enough funds … Continue reading “The Cuban State Does Not Have Hard Currency to Pay its Debt to Milk Producers”

Cuba’s Central Bank Denies That it is Selling US Dollars

EFE/14ymedio, Havana, 31 May 2022 — The Central Bank of Cuba (BCC) denied on Tuesday that it is selling, to individuals, U.S. dollars and freely convertible currency (MLC, the Cuban virtual currency backed by hard currencies). According to the official newspaper Granma, the monetary authority has thus responded to rumors that have arisen after an … Continue reading “Cuba’s Central Bank Denies That it is Selling US Dollars”

Police Return to ‘Guarding’ the Hard Currency Stores in Havana

14ymedio, Juan Diego Rodríguez, Havana, 1 June 2022 — The picture offered by the Plaza de Carlos III in Havana was not normal, with numerous “red berets”, known within the Armed Forces as “prevention troops”, guarding the entrances and shops of the market on Wednesday morning. The same thing happened in La Época, in Galiano and … Continue reading “Police Return to ‘Guarding’ the Hard Currency Stores in Havana”

In Havana, Purchases in Pesos in State Stores are Further Restricted

14ymedio, Havana, 24 May 2022 — The provincial government of Havana took a further step in rationing, by decreeing new limitations for the sale of products through state businesses that sell in national currency, to take effect on Friday, May 20. A month after it was announced that people could only shop in the establishments … Continue reading “In Havana, Purchases in Pesos in State Stores are Further Restricted”

The Price of Hard Currency Drops on the Black Market in Cuba

14ymedio, Havana, 25 May 2022 — The price of hard currency in Cuba is plummeting on the informal market. Not only has the freely convertible currency (MLC) fallen, but also the dollar and even the euro. “Last week the MLC rate was 125 pesos, but I could only sell at 10 to 110 pesos to … Continue reading “The Price of Hard Currency Drops on the Black Market in Cuba”