The Caribe Store Chain officially announced the opening of the Caribe Wholesale "Mariel," a new establishment located in the Mariel Special Development Zone (ZEDM), which will operate exclusively in U.S. dollars and will focus on supplying businesses, entrepreneurs, and other forms of non-state management.
The inauguration took place on Tuesday, May 6, in the ZAL 3 area of Mariel, with the aim of providing "efficient and accessible solutions" regarding supplies and materials for the Cuban business sector, as reported by the entity itself on its social media.
"Your business deserves the best! We look forward to celebrating this important step together towards strengthening the business sector!" stated the state chain in its statement.
The new wholesale point of sale will operate exclusively with international and national cards in USD, not accepting payments in Cuban pesos (CUP) or freely convertible currency (MLC), thus joining the growing network of businesses on the Island that only accept foreign currency.
One step further in the expansion of dollarized trade
The opening of this store is part of the Cuban government's strategy to increase foreign currency revenue in the context of an economic crisis, characterized by a shortage of goods in the local currency, low agricultural production, a decline in tourism, and serious liquidity issues.
According to data published by the independent outlet elTOQUE, at least 85 establishments in Cuba currently operate exclusively in USD, a figure that contrasts with the initial projections from the chains CIMEX and Tiendas Caribe, which promised not to exceed 7% of their points of sale in this format.
In February, officials from the Ministry of Domestic Trade (MINCIN) announced the creation of 50 currency stores, of which 48 would be newly built.
During those days, it was reported in the Mesa Redonda about the opening of a new store at 23 and C, El Vedado, for the wholesale sale of products -some from state entities and private SMEs- but all in dollars.
Another initiative by MINCIN to strengthen foreign currency trade is the commercial entity Mercalhabana SA, which represents a system of 22 wholesale companies. Its goal is to participate as a shareholder in foreign investments and to manage imports and exports to supply the wholesale channel.
Critiques and Exclusions
The regime promotes this model as an alternative to sustain domestic trade, as part of a broader strategy to raise foreign currency, in a context where the availability of the national currency is increasingly limited.
But dollarization not only fails to resolve the structural problems of the Cuban economy, but also deepens inequality and limits access to basic goods for those who rely on salaries and pensions in Cuban pesos.
Economists like Pedro Monreal criticize the partial dollarization of the sector, arguing that it does not guarantee a stable supply or boost national production.
They also note that currency trading remains controlled by state entities, while the private sector continues to be limited in its direct participation.
Moreover, the public is outraged that many stores have been converted to the dollar system without prior notice, making it even more difficult for those without access to foreign currency or foreign currency cards to obtain basic products.
In parallel, Díaz-Canel has reiterated that obtaining foreign currency should be a national economic priority, urging the exploration of new sources of income and advancing banking as part of the redesign of the Cuban economic system.
Frequently Asked Questions about the Dollarization of Trade in Cuba
What does the opening of the wholesale store Caribe "Mariel" imply in the economic context of Cuba?
The opening of the wholesale store Caribe "Mariel", which operates exclusively in dollars, is part of the Cuban government's strategy to attract foreign currency amid an economic crisis. This establishment aims to supply private businesses and entrepreneurs and reflects a shift towards increasing commerce in foreign currency, which has been criticized for deepening economic inequalities in the country.
How does the dollarization of trade affect the Cuban population?
The dollarization of commerce in Cuba mainly affects those who do not have access to foreign currency, limiting their ability to acquire basic products. While dollar stores are well-stocked, those operating in Cuban pesos face shortages, increasing inequality and frustration among the population.
Why is the Cuban government investing in stores that operate only in dollars?
The Cuban government is betting on stores that operate solely in dollars to attract foreign currency and tackle the liquidity crisis affecting the country. This strategy aims to strengthen internal trade, although it has been criticized for not addressing the structural issues of the economy and for increasing social inequality.
What criticisms have been made regarding the dollarization strategy in trade in Cuba?
Criticism of the dollarization strategy in Cuba focuses on the fact that it does not resolve the structural problems of the economy, but rather deepens inequality. Economists such as Pedro Monreal point out that the model prioritizes state commercial infrastructure and excludes the private sector, without ensuring a stable supply or boosting national production.
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