Dollarization in Cuba

[El Presidente]

 

HAVANA TIMES – At the beginning of last week, the announcement that the US dollar would begin circulating freely in Cuban businesses surprised some, in yet another move by the government to stay afloat amid the country’s deep economic crisis.

However, it is important to clarify that the scope of the partial dollarization agreed upon at this moment applies only to specifically chosen businesses; it is not for all private businesses. Currently, the spheres in which dollarization will apply are tourism, Casas del Habano, clinics, pharmacies, international optical stores, and airports, including the payment of duties in foreign currency.

So far, only 16 businesses apply: eight linked to the state business system managed by the domestic commerce apparatus (one through an international economic association contract), three dedicated to wholesale marketing, and five joint ventures approved for the wholesale and retail marketing of consumer goods and various products for the population.

https://havanatimes.org/opinion/dollarization-in-cuba-the-new-invention/