Jul 28, 2022
In General Discussion
The announced temporary options, limited to sales of mid-range and premium items, quickly became the norm. In their argument, the authorities ensured that part of the profits of the stores would be used in freely convertible currencies to develop the national industry that would enable it to meet the needs of the domestic market and, at some point, be exported. «It is necessary to sell a certain amount of business in a freely convertible currency goods, have foreign exchange and continue to expand this type of sales; and because part of. The money collected in this way will be channeled into the national industry, making it a source of product for these and other stores,” Diaz-Canel said at the time. Said. A year and a half later, food and basic necessities are almost Fax Number List exclusively in foreign currencies, only the number of services provided in this currency has increased. Although the country's official currency exchange rate is fixed from January 1, 2021However, six months into the implementation of these reforms, inflation has consumed the gains and changes in wages, and the rise in prices will not stop in all sectors of the economy, whether state-owned. It is 24 Cuban Pesos (CUP) per US dollar, but foreign currency cannot be purchased this way. The informal market is then responsible for meeting the demand for foreign currency to be able to buy in stores (all state-owned) or go abroad, either as an immigrant or on a shopping trip. The informal exchange rate has become a real reference for market value. The situation further deteriorated when the Central Bank of Cuba (BCC) announced on June 10, 2021, that it would suspend cash deposits in US dollars in ten days. According to the authorities, the measure was due to "obstacles created by the economic blockade in the United States so that the national banking system could.