The Cuban government has intensified the promotion of the Clásica prepaid card, a financial product in US dollars (USD) that allows the purchase of goods and services at the network of state stores and service centers across the country.
However, far from being an equitable economic solution, this initiative exacerbates economic inequalities and strengthens the population's dependency on access to foreign currency, primarily benefiting the GAESA business conglomerate, which is controlled by the Cuban regime.
A currency acquisition strategy in the hands of GAESA
Among the government measures for 2025, foreign currency acquisition is a top priority.
The Clásica card, managed by Fincimex and the CIMEX Corporation, both entities under the control of GAESA, offers discounts at state chains such as CIMEX, Tiendas Caribe, and Trimagen, as well as on fuel purchases at service stations.
However, access is limited to those who have dollars or MLC, a reality that excludes the majority of Cubans who earn their income in Cuban pesos (CUP).
With the ongoing economic crisis, the government has reduced the supply in stores that operate in CUP, increasingly moving essential goods to the commercial circuit in foreign currency.
This model promotes the exclusion of those who rely on state wages, normalizing an unsustainable monetary situation where the national currency depreciates and loses its function as a means of payment.
Intensive promotion and social inequality
The push for the Clásica card has been accompanied by an aggressive advertising campaign on social media and state media.
Publications from Tiendas Caribe and Fincimex highlight supposed benefits such as a 10% discount at the Gaviota tourism chain, another pillar of GAESA, and between 5% and 6% at various state-run businesses.
However, these "benefits" are only accessible to those who can obtain dollars, perpetuating a segmented economy where the majority are excluded from the consumption circuit.
Furthermore, the card only allows top-ups in USD, excluding other convertible currencies such as the euro or the Canadian dollar. This forces those who rely on remittances to first convert their earnings into dollars, losing some of their value in the process, while the government monopolizes the flow of foreign currency in the country.
Partial dollarization and the opening of stores in dollars
The progress of the Clásica card and the proliferation of dollar stores reinforces the partial dollarization policy initiated by the Cuban regime, with the paradoxical aim of "de-dollarizing the economy."
Recently, the government has taken a further step in this direction with the opening of stores that only accept dollars, justifying it as a measure to capture foreign currency and regulate the informal market. However, this decision only deepens inequality and pushes a large portion of the population into economic marginalization.
These new dollar stores, like the Clásica cards and other financial mechanisms in MLC, reinforce the gap between Cubans with access to foreign currency and those who rely exclusively on CUP.
This business model results in an even greater segmentation of society, where access to essential goods depends on the ability to acquire foreign currency in a parallel market with high exchange rates.
Impact on the population and the economic future
The use of the Clásica card highlights the government's shift towards a dual economy in which the majority of the population is at a disadvantage.
As GAESA expands its control over the commercial and financial sectors, citizens find themselves caught in an unequal dynamic, where the national currency loses its value and development opportunities are limited.
From the academic and social perspectives, there have been concerns about the consequences of this model. The creation of a trade system in which only those with access to dollars can participate exacerbates social disparities and weakens the economic cohesion of the country.
Instead of implementing structural reforms that strengthen the economy, the regime opts for measures that perpetuate dependence on remittances and access to foreign currency.
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