Dollarization in Cuba

CiberCuba
Exchanging pesos for dollarsPhoto © CiberCuba

The structural economic crisis that Cuba is experiencing has forced its government to redollarize the sale of food and essential goods, just as Fidel Castro did in 1993 and 1994.

In 2004, the Cuban government introduced the use of the CUC and imposed a 10% tax on the dollar, which it has now repealed as part of the economic package announced on July 20, 2020. This package includes the opening of 72 stores for sales in freely convertible currencies (MLC), with magnetic cards as the only payment method.

The additional fees for the basic basket are being sold by the authorities at market prices.