In a video posted on his social media, Cuban businessman Sandro Castro, grandson of the late dictator Fidel Castro, stated that inflation in Cuba "has become a serious problem that affects not only individuals but also entrepreneurs."
“I am concerned about the dollar issue, which has reached a value of 500 CUP,” said Castro, referring to the price of the green bill in the informal market. The young entrepreneur pointed directly to El Toque —an independent outlet that publishes the informal exchange rates on the island daily— as responsible for the rising cost of the dollar.
"I like that many people have stood up against El Toque, which isn't a stock exchange, but it's what we follow here in Cuba. It's good that people are fighting against them because inflation affects us all," he stated.
In his remarks, Sandro Castro also called for the organization of dollar buyers in large volumes, especially private entrepreneurs, small and medium-sized enterprises, producers, and importers, to act "as a team" and prevent the exchange rate from continuing to rise.
"I believe that the people who buy this currency, the dollar, in large volumes should work more as a team and create an association or union of Cuban entrepreneurs, traders, and business owners (...) to work together and not let this exchange rate create more inflation," he added.
Fidel Castro's grandson justified his proposal by arguing that private entrepreneurs need stability to continue operating within the country, despite "the thousands of difficulties we face, the external and internal blockade, which harms us greatly."
Sandro Castro's statements come amid an unprecedented economic crisis, characterized by rampant inflation, a constant devaluation of the Cuban peso, and widespread scarcity of basic goods.
In the meantime, El Toque has reiterated multiple times that its platform does not set the prices of the informal market but rather reflects the transactions that take place daily among Cubans, given the absence of a transparent and functional official market.
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