Part 6/10:
The shifting financial dynamics have resulted in remittances from Cubans living abroad becoming a crucial lifeline for the economy. Official figures suggest that remittances from the U.S. have surged from just under half a billion in 2000 to approximately $2.5 billion in 2023. However, this might only scratch the surface, with actual estimates possibly nearing $5 billion when accounting for various channels.
As the Cuban government has partially embraced dollarization, certain businesses and tourist-related establishments have begun accepting payments in dollars legally—a shift from prior restrictive policies. Initially confined to tourist services, this trend is progressively establishing a formality within the economy as stores and supermarkets also start accepting U.S. dollars.