{"id":290333,"date":"2023-10-18T19:59:32","date_gmt":"2023-10-18T23:59:32","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=290333"},"modified":"2023-10-19T11:28:13","modified_gmt":"2023-10-19T15:28:13","slug":"whos-going-to-sell-dollars-to-msmes","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/whos-going-to-sell-dollars-to-msmes\/","title":{"rendered":"Who\u2019s going to sell dollars to MSMEs?"},"content":{"rendered":"

\u201c900 ml oil container. 30,000 bottles 500 CUP each bottle in cash, only CUP, no transfer accepted.\u201d The Facebook groups of Cuban MSMEs are full of <\/span>ads<\/b>\u00a0<\/span><\/a>like this, which daily report on the numerous containers imported by the \u201cnew forms of management,\u201d and the subsequent commercialization of their content on the island.<\/span><\/p>\n

Until the end of 2022, many of these operations used digital currency. However, since the Central Bank of Cuba (BCC) limited the amount of transfers in January 2023, the percentage of cash transactions began to grow. Although formally the limitation was only aimed at exchanges between individuals, in practice, it affected the operation of new private enterprises due to Cuba\u2019s unique economic dynamics.<\/span><\/p>\n

It is not uncommon for business owners to pay contingent expenses \u2014 such as transportation or last-minute purchases \u2014 with their own money and then compensate by taking the money spent from the enterprise\u2019s accounts. As the margins for these and other digital operations were limited, the natural reaction was to \u201cbet\u201d on the money in hand. The bancarization policy, dictated at the beginning of August, has consolidated the trend, which does not seem will be reversed in the near future.<\/span><\/p>\n

Bankarization in Cuba: what\u2019s heard in the street<\/a><\/p><\/blockquote>\n