Business & Economy Archives

Unusual Criticism in the Cuban Press Against Dollarization

An official Cuban newspaper laments the loss of value of the MLC and its replacement by the “empire’s” currency.

“I don’t know if it’s because people are trying to escape blackouts, but they’re buying like never before… even with prices switched to USD.”

The new system is already up and running, but “people still don’t know about it,” said an employee at the Obispo branch in Old Havana.

The increase in some pensions in Cuba was approved on Wednesday and will take effect on September 1st.

Founded in the 1990s to circumvent the US embargo, GAESA has grown into the island’s dominant economic player.

Merchants search for the best merchandise they can resell and are making plans to import directly from China—if Customs allows it

Of the eight floating power plants Cuba once had, only one remains in Regla, and it’s suffering from a lack of fuel.

Their market is dollarized stores, tourist hotels, and warehouses controlled by the Cuban military conglomerate GAESA.

When I lost my job, due to that position I had bet on and that didn’t work out, I had to start looking quickly.

Economist Pedro Monreal believes the government doesn’t care about hotels, but rather about the real estate business of leasing them.