Dollarization

Shops at the Habana Libre Hotel in Havana have temporarily closed, with a sign stating they will reopen only in US dollars, highlighting the ongoing dollarization trend in Cuba's economy.

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Economy Minister Joaquín Alonso Vázquez has framed the government's new partial dollarization measures—detailed in last week's resolutions—as a temporary bridge to full de-dollarization and 'socialism with Cuban characteristics.' The policy allows private entities to retain 80% of foreign currency earnings while building a formal exchange market.