Did you know that cash payments in foreign currencies, such as the Canadian dollar, the American dollar or euros, are now available in Cuban shops and hotels linked to tourism? Local media provided an update on the matter on Tuesday.
Cuban Prime Minister Manuel Marrero Cruz announced in Parliament the reactivation of cash payments in foreign currencies, such as dollars and euros, in various sectors of the economy, especially in tourism and stores in Freely Convertible Currency (MLC).
This measure, which had been suspended in 2021, seeks to correct the loss of income caused by the lack of cash collection.
The Cuban government then decided to reintroduce this policy after recognizing the economic losses that resulted from not accepting cash, hoping to increase the inflow of foreign currency and strengthen critical sectors of the country’s economy.
The novelty in recent days has been that Cuba has not only allowed cash payments in foreign currencies, including US dollars and euros, in shops and hotels, but also that payments and collections in Canadian dollars have been added.
Did you know that from August 1st, you can now make cash payments in shops and hotels in the Tourism Department? According to the authorities, this measure aims to facilitate transactions for visitors and revitalize the local economy.
Cash payments in shops and tourist hotels
According to the Cuban Tourism Office and Canadian magazine Travel Week, Canadian tourists can now pay in cash with Canadian dollars or use debit and credit cards issued by Canadian banks at any establishment on the island.
The reintroduction of cash payments in Canadian dollars is emerging as a key strategy to attract Canadian tourists, one of the largest groups of visitors to the island.
This cash payment option had been suspended in 2021 due to the economic crisis. However, Cuban Prime Minister Manuel Marrero Cruz announced before Parliament last July the reimplementation of this measure to raise foreign currency and mitigate economic losses.
According to official media this week, which confirmed the news, the expansion of payment options through cash could be a key element to attract more tourists and strengthen this sector, one of the country’s main sources of income.
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