- July 2, 2022
- Posted by: Stratford Team
- Category: Economy
Remittances are recognized as the country’s second most important source of hard currency. Remittances play a vital role in the Cuban economy and in family income, especially in the current context of economic crisis and sustained expansion of the partial dollarization of the economy.
The partial dollarization process began in Cuba in October 2019. In the face of the skeptical gaze of some and criticism of others, it was decided to sell electrical appliances, hardware and furniture in a small number of stores in the retail network.
The declared purpose was to capture the “dollars that fled the country” in the hands of those who traveled to other countries to buy merchandise and then resell it in the informal market. It was also defined as a “temporary” measure in response to the shortage of foreign currency for the purchase of inputs, goods and services.
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