Starting April 7, 2025, Cuba will enable the option to make transfers between Clásica cards in U.S. dollars (USD), as announced by Financiera Cimex S.A. (Fincimex). This move is another attempt by the regime to bolster the foreign currency trade circuit and tighten financial control through the military-run conglomerate GAESA.
A statement shared by Tiendas Caribe on social media claims this measure aims to "optimize the operation of prepaid cards and expand their functionalities." However, the underlying strategy reveals a broader push by the Cuban State to attract foreign currency.
Exclusive Access or Economic Disparity?
Managed by Fincimex and the CIMEX Corporation—both under GAESA's control—the Clásica card has seen significant state promotion recently. This card allows users to purchase products in dollars at state-owned stores such as CIMEX, Tiendas Caribe, and Trimagen, as well as service centers for fuel purchases. Now, it will also facilitate direct transfers between users.
The regime touts "benefits" like a 10% discount at Grupo Gaviota facilities and between 5% to 6% at other state stores. However, the Clásica card only accepts recharges in USD, limiting its use to those with access to dollars. This situation forces individuals receiving remittances in other currencies to convert them to dollars first, resulting in financial loss and reinforcing state monopoly over currency flow.
Deepening Economic Inequality
Rather than improving access to goods or services, the new transfer feature on Clásica cards strengthens a deeply unequal dual economy, where only those with foreign currency can actively participate. As the State reduces product availability in stores operating in Cuban pesos (CUP), it expands access and inventory in establishments that exclusively accept dollars, creating an exclusionary consumption system disconnected from most Cubans reliant on state salaries.
The increasing dependency on the U.S. dollar underscores a partial dollarization, contradicting official rhetoric about "monetary sovereignty." The new dollar-only stores, which do not accept Freely Convertible Currency (MLC), mark a new phase of economic and social segmentation in Cuba.
Understanding the Impact of Dollar Transfers in Cuba
What is the significance of allowing dollar transfers between Clásica cards?
Allowing dollar transfers between Clásica cards is a strategy by the Cuban government to enhance the flow of foreign currency, reinforcing state control over economic transactions and potentially increasing financial inequality.
How does the Clásica card affect Cuban citizens?
The Clásica card affects Cuban citizens by creating a dual economy where only those with access to USD can benefit from its features, such as discounts and exclusive purchasing power, excluding many who rely on the Cuban peso.
What are the broader economic implications of this policy?
This policy contributes to a growing reliance on the U.S. dollar, challenging the Cuban government's claims of monetary sovereignty and further segmenting the economy along lines of currency access.