Cuba will open stores for the exclusive sale in foreign currencies

Cuba will open stores for the exclusive sale in foreign currencies

HABANA, Oct 15th Cuba will soon open two stores in Havana to market a series of products in dollars, euros or other strong currencies, which completely exclude the CUC.

As several sources revealed, one of the stores will be “Tángana”, in Line and Malecón, in Vedado, which will sell electric motorcycles and auto parts.

The other store, located on 41st Street between 10 and 30, in Playa, will sell appliances. The sources have confirmed that the Cuban government would have invested up to four million dollars in the purchase of household appliances in Panama for the aforementioned purpose.

To buy in stores it will be necessary to previously deposit the currency in a bank, and then make the transaction with a card that will allow you to have the deposited bank fund. The other option will be to pay directly in stores with foreign credit cards.

THE COMPETITION TO THE MULAS

The visible purpose of the imminent opening of both shops is to compete with the business of the so-called “mules”, people who go out to buy all kinds of items in countries like Panama, Russia, Guyana, and even Haiti, which then resell on the Island .

An increasing number of Cubans in recent years make a living from that business, importing not only clothes, but also medicines, appliances or car parts.

In early July, the Cuban government announced its intention to launch “competitive offers” to reduce private imports. Alejandro Gil Fernández, Minister of Economy and Planning, said in a Round Table that the currency leak would be fought only by increasing the supply of the State, without the need to take measures to reduce imports of natural persons, destined for the private commercial sector.

“Competitive offers that are an alternative to an important group of products that are brought from abroad to the country by natural persons through the concept of non-commercial imports, but which in the end have a commercial effect on the economy,” he said.

According to estimated, unofficial data, some 2 billion dollars leave Cuba in products that range from clothing to household appliances, which are often not found in the network of state stores or sold at prices inaccessible to the average citizen .