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The dollarization of Cuba refer to macroeconomic policies implemented with the aim at stabilising the Cuban economy after 1993. They were initially enacted to offset the economic imbalances which was a result of the dissolution of the Soviet Union in 1991. [ 1 ]
HAVANA(Reuters) - Cash-starved Cuba this month opened the first grocery store to accept hard U.S. currency on the island in nearly two decades, the latest sign in a trend towards dollarization in ...
With the dissolution of the Soviet Union in 1991 Cuba lost much of its Soviet financial aid which it had become dependent on. [8] The loss of Soviet trade which comprised 80% of the islands foreign trade, created an economic crisis called the "Special Period" in Cuba which was defined by mass shortages. The Cuban government quickly began ...
On top of all this, the US would soon tighten its trade embargo against Cuba with the Torricelli and Helms-Burton Acts. [5] Fidel Castro coined this time of crisis as a “Special Period in a Time of Peace”, and the government responded by implementing rationing schedules and adjusting economic policies. [7]
The Republic of Cuba, covering the historical period in Cuban history between 1902 and 1959, was an island country comprised the island of Cuba, as well as Isla de la Juventud (since 1925) and several minor archipelagos.
Cuba is heavily dependent on U.S. remittances from family members and access to U.S. dollar deposits influences financial decision-making on the island. [96] Limited access to the U.S. dollar and financial system has exacerbated wealth inequality in Cuba and forced involuntary dollarization on the island. [96]
De-dollarization — when countries shift away from the greenback ... yuan — which many think is the biggest threat to the dollar — accounted for just 2.37% of reserves in the same period ...
This period saw the opening of iconic establishments such as the Hotel Nacional de Cuba, which became a magnet for wealthy tourists and celebrities. [2] The post-World War II era marked a period of dramatic expansion for Cuban tourism, driven by the increasing accessibility of air travel and continued American interest. The Cuban government ...