The soaring exchange rates in Cuba's informal market have made the U.S. dollar almost unattainable for many citizens. In response, some Cubans have found a unique way to express their frustration by offering prayers to the "Holy Dollar," which they say is "up in the heavens."
A video shared on WOW VIP's Facebook page captures a group of young people engaging in a playful "ceremony" outside the Banco de Crédito y Comercio (BANDEC). Their goal? To beseech the dollar to drop in value. They humorously adapted the "Our Father" prayer, replacing the divine with the Holy Dollar. Instead of the usual "Our Father who art in heaven, hallowed be Thy name; Thy kingdom come; Thy will be done, on earth as it is in heaven," they chant, "Holy dollar in the sky, hallowed be CADECA, may the euro come to us, Thy will be done in BPA as in BANDEC."
With the rise of stores that only accept dollars, Cubans have seen their monthly salaries dwindle to a few USD, necessary to purchase goods—or attempt to—in these new dollar-exclusive outlets opened by the regime to gather foreign currency. Their prayer implores the Holy Dollar to enable them to shop at La Gran Piedra and the market at 3rd and 70th in Havana, both recently converted to dollar-only stores.
The prayer also asks for forgiveness for "money senders," who have set the dollar at 350, according to independent outlet El Toque. "Just as they forgave those who priced goods in MLC and continue paying in national currency, do not let the cash disappear that is exchanged at 20 on the street," they continued.
Finally, they called upon the holy currency to "not let the MLC continue to rise": "Bless the currency that will never return. Hallelujah to you, the lord, the king of America!"
In February, the 3rd and 70th supermarket in the capital, dubbed by some as the "Cuban Walmart," opened its doors, with reports of prices as high as $146 for a piece of serrano ham or over $70 for cheese. Recently, this same store offered a bag of local potatoes for $8.85.
This phenomenon is part of the officially acknowledged "partial dollarization" of the economy, as confirmed by the head of state Miguel Díaz-Canel in recent statements. The Ministry of Domestic Trade (MINCIN) has announced plans to open more than 50 such stores, in a bid to attract foreign currency amidst rampant inflation and the collapse of the peso-based distribution system.
Understanding Cuba's Economic Challenges
Why is the exchange rate for the dollar so high in Cuba?
The high exchange rate is primarily due to economic instability, government policies, and increased demand for foreign currency amidst limited supply.
What is the impact of dollar-exclusive stores on Cuban citizens?
These stores often make essential goods inaccessible to those who earn in the local currency, exacerbating economic disparities and limiting purchasing power.
How has the Cuban government responded to the economic crisis?
The government has acknowledged a partial dollarization and opened more dollar-exclusive stores as a strategy to collect foreign currency, though this has been controversial.