Cuba Need U.S. Dollars

El Nuevo Herald: Dragged down by the Venezuela crisis, Cuba seeks dollars to stay afloat

The Cuban government announced economic measures this week to seek dollars in a bid to stay afloat in the midst of an acute financial crisis triggered by its dependence on Venezuelan oil and new U.S. sanctions.

On Tuesday, Cuban Vice President Salvador Mesa and several ministers announced on television that the government was going to lower the prices of household appliances and other items on the condition that Cubans pay in dollars.

The move is an attempt to obtain a larger percentage of remittances sent from abroad.

“This is a reasonable short-term strategy,” said American University professor William LeoGrande. “But to solve the hard currency shortage in the longer term, the Cuban economy needs to increase its own export of goods and services rather than relying so much on remittances.”

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WNU Editor: The Cuban government needs to buy goods abroad, and lets face it, no one is interested in accepting Cuban pesos.

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