The Cuban government assures that the accounts in MLC will continue to operate despite the dollarization

He said that the partial dollarization of the economy is an important measure to ensure resources in the country and to link the sectors of the economy.


The Cuban regime assured this Wednesday that accounts in MLC will remain in the banks of the island despite the partial dollarization of the economy being implemented in the country.

Alberto Javier Quiñones, First Vice President of the Central Bank of Cuba, stated during his appearance on the government program Mesa Redonda that "The MLC accounts that clients currently have with their banks will not disappear."

The official also stated that there are rumors about the disappearance of these accounts, but "it is false."

In this regard, it was stated that "the commitment of banks and their clients to the funds they have" in those accounts is guaranteed.

For her part, the First Deputy Minister of the Ministry of Economy and Planning, Mildrey Granadillo, defended the partial dollarization of the economy as an "important measure to ensure resources in the country" and "to ensure the integration of the sectors of the economy."

The regime recently opened dollar stores as a measure to attract foreign currency and keep the economy afloat amid the crisis.

However, this strategy has exacerbated inequalities in access to consumer goods, creating a parallel market that leaves many citizens on the sidelines.

Analysts indicate that the coexistence of MLC stores with others in dollars reflects the duality of an economy increasingly reliant on foreign currencies.

Frequently Asked Questions about Partial Dollarization and the Economic Situation in Cuba

What does the partial dollarization of the Cuban economy mean?

The partial dollarization allows the use of the dollar in certain sectors of the Cuban economy, such as wholesale and retail trade, payment of tariffs, and foreign trade services. This measure aims to attract more foreign currency to the country amid a severe economic crisis, although it perpetuates the inequality between those who have access to foreign currency and those who depend on the Cuban peso.

Why does the Cuban government claim that MLC accounts will continue to operate?

The Cuban government has assured that the accounts in Freely Convertible Currency (MLC) will not disappear despite the partial dollarization of the economy. This means that customers' funds in these accounts are guaranteed and will continue to be managed in the banks on the island, even though the economy is partially dollarized.

How does partial dollarization affect the informal currency market in Cuba?

Partial dollarization seeks to regulate and control the informal exchange market, where the dollar is traded at rates much higher than the official ones. However, the informal market remains crucial for many Cubans seeking access to foreign currency, as the government has failed to establish an official exchange rate that reflects the real economic conditions.

Which sectors will accept cash payments in dollars in Cuba?

The sectors that will accept cash payments in dollars include tourism, Casas del Habano, pharmacies, optical stores, international clinics, and airports. Additionally, payments in foreign currency will be allowed for agricultural producers who substitute imports and for manufacturers of exportable goods, as part of the effort to attract more foreign currency amid the economic crisis.

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CiberCuba Editorial Team

A team of journalists committed to reporting on Cuban current affairs and topics of global interest. At CiberCuba, we work to deliver truthful news and critical analysis.