Cuba's New Dollar Transactions for Economy Boost
Update: 2025-12-13
Description
Cuban officials introduce new financial measures, allowing dollar transactions for commercial activities, to boost the struggling economy. The Central Banks Director, Ian Pedro Carbonell, announces four new laws, effective December 17th, aiming to increase foreign currency inflow, stimulate production, and eventually restore the Cuban peso as the sole legal tender. These measures come amidst a severe economic crisis, exacerbated by COVID-19 and US sanctions, and follow a 2021 financial reform that triggered inflation and a larger public deficit. Despite concerns from economists like Pavel Vidal, officials maintain that dollarization is a temporary measure to avoid a catastrophic currency unification.
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