Country struggling with sanctions as inflation spirals
Cuba bars dollar cash deposits
Cuban banks ceased accepting US dollar cash deposits on June 21. The Central Bank of Cuba, which ordered the measure on June 10, blamed “financial persecution” by the US for the suspension. In the resolution enacting the policy, the central bank stated that the US “had reignited its economic war against the Cuban people”.
US sanctions had “impeded our country’s ability to deposit abroad US dollars collected in the national territory”. Cuba’s customs agency also stopped accepting US dollar cash
Amid widespread shortages, prices have shot up in Cuba and inflation will probably reach a minimum of 500% and up to 900%, this year.
The result of dollarizing the economy has been shortages and devaluation. Prices have shot up and inflation will probably reach a minimum of 500% and up to 900%, this year, said Pavel Vidal, a former economist at the Cuban Central Bank, who now works at the Universidad Javeriana in Cali, Colombia.
The Cuban government blames sanctions as a result of the US embargo for most of this, made worse during the Trump presidency. Then the COVID-19 pandemic ravaged the local tourism industry.
Additionally, in the last week the government announced it has a surplus of cash dollars it isn’t able to use internationally because of the embargo. Starting today, June 21, citizens can no longer take cash dollars (bought on the street or brought by family) to the banks to load up their magnetic cards, the only way to shop in the dollar stores. The only option is for family members to load up their cards from abroad.
why? is there something they're not doing right? like their communism thing?
we got people here, can help them with that....for centuries, spreading criminality world wide, especially after the Brits and their royalty lost their taste for domination, there was a vacuum created and someone here filled it
Up at least 20% on most items and some it's a lot more. H.Upmann Royal Robustos are up to 195 for a box of 10. 2 or 3 years ago I was buying them for 110. Excellent cigars, then I couldn't find them for about a year and when they finally came back they were 160 a box and now 195. Thats from my favorite vendor overseas.
In Cuba prices are lower but the price list I use hasn't been updated since last year.