Details

The measure was announced today, October 15, at the Roundtable TV program. Throughout the country, stores will be set up where people can acquire these goods, but with the peculiarity that they can only be paid with magnetic cards that are backed by international currencies exchangeable to the U.S. dollar (USD).

How to make the card?

At any branch of Banco de Crédito y Comercio, Banco Popular de Ahorro, or Banco Metropolitano, permanent residents may request the opening of magnetic cards accepted in these stores. The currency of these cards will be USD.

In line with the measure, FINCIMEX announced that AIS cards will begin to be issued in USD, which can be used in the new stores.

International cards

International cards will be accepted at the new stores, as long as they have not been issued by U.S. banks and are of a type supported by Cuban banks.

Some international cards supported in Cuba are:

• Visa
• MasterCard
• UnionPay
• Cabal

Opinion

Government officials explained that the new measure directly or indirectly benefits all Cubans, which is true. What was not said is that the measure increases the widening gap between people who have access to foreign currency and those who do not.

If a Cuban of these times wants to have a materially dignified life, the solution is becoming clearer every day: you have to emigrate or you have to be a prosperous private worker.

Despite this social cost, I believe that the measure is necessary because it helps reduce capital flight, which the government itself has acknowledged is significant. The capital that previously escaped with “the mules” to Panama, Guyana, etc., is now captured for the development of the country.