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Financiera Cimex S.A. (Fincimex) announced that, starting from April 7, 2025, it will be possible in Cuba to make transfers between Classic cards in US dollars (USD).
This is a new step by the regime to strengthen the foreign currency commercial circuit and expand the financial control of the military business conglomerate GAESA.
A statement released by Tiendas Caribe on their social media indicates that this new measure is aimed at "optimizing the operation of prepaid cards and expanding their functionalities." However, the underlying context reveals a broader strategy by the Cuban government to attract foreign currency.
Transfers between cards in USD: A new form of exclusion?
The Classic card, managed by Fincimex and the CIMEX Corporation, both entities under the control of GAESA, has been the focus of intense state promotion in recent months.
This card allows for the purchase of products in dollars at state-run stores such as CIMEX, Tiendas Caribe, and Trimagen, as well as at service stations for the purchase of fuel, and now it will also serve for direct transfers between users.
Among the "benefits" promoted by the regime are a 10% discount at Gaviota Group facilities and discounts ranging from 5% to 6% at other state stores. The Clásica card only allows top-ups in USD, so only those who have access to dollars can use them.
This mechanism forces those receiving remittances in other currencies to convert them first into dollars, which results in a loss of money in the process and reinforces the state monopoly over the flow of foreign exchange.
A measure that exacerbates inequality
Far from representing an improvement in access to goods or services, the new feature of transfers between Classic cards helps to reinforce a deeply unequal dual economy, where only those with foreign currency can actively participate.
While the State reduces the availability of products in stores that operate in Cuban pesos (CUP), it expands access and variety in establishments that only accept dollars, creating an exclusive consumption system, disconnected from the majority of Cubans who rely on state salaries.
The increasing dependence on the US dollar reinforces a partial dollarization, in open contradiction to official statements about "monetary sovereignty." The new dollar-only stores, which do not accept freely convertible currency (MLC), mark a new phase of economic and social segmentation in Cuba.
Frequently Asked Questions about Dollar Transfers between Classic Cards in Cuba
What are Classic cards and how do they work in Cuba?
The Clásica cards are prepaid cards in US dollars, managed by Fincimex and the CIMEX Corporation, entities under the control of GAESA. These cards allow the purchase of products in state stores in Cuba, but they can only be recharged with dollars, which limits their use to individuals with access to foreign currency. Additionally, they now allow direct transfers between users.
Why has the Cuban government authorized dollar transfers between Clásica cards?
The Cuban government has authorized these transfers as part of a strategy to attract more foreign currency and strengthen the financial control of the GAESA conglomerate. Although it is officially presented as an improvement in the functionality of the cards, it actually aims to consolidate an economic system that benefits those who have access to foreign currency.
What impact does the dollar transfer functionality have on the Cuban economy?
The new transfer feature in dollars between Classic cards reinforces a dual economy in Cuba, deepening economic inequality. Only those with access to dollars can participate in this financial circuit, while the majority of Cubans, who receive their income in Cuban pesos, are excluded from access to essential goods and services.
How does partial dollarization affect the Cuban population?
Partial dollarization in Cuba exacerbates economic inequalities and creates an exclusive consumption system. The majority of the population, who receive their salaries in Cuban pesos, cannot access products and services available only in dollars, while access to basic goods increasingly shifts to the foreign currency commercial circuit.
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