Sign in Havana informing people on how to pay in CUC currency
The dual economy of Cuba was developed after the dissolution of the Soviet Union, which caused major economic changes on the island. Tourism was regarded as the only stable sector of the Cuban economy and became the subject of policy changes to enhance its development. Cuba legalized the use of the US dollar and created a dual currency system, one based on the dollar and the Cuban convertible peso with the other system based on the Cuban peso. Different institutions and businesses operated only one side of the currency divide. The Cuban peso, used mostly by Cuban nationals, could not buy imported goods.[1] The goal of the dual economy was to create one economic sphere designed to use foreign investment, while keeping it separate from the other economic sphere of domestic activities.[2]
There were various practical applications of the dual economy and many informal popular titles have been developed from them. Cuban nationals were prohibited from entering all tourist facilities except as employees, and the entire tourist economy operates under the Cuban convertible peso, which was originally illegal for Cuban nationals to use. This practice of segregation has been informally called "tourist apartheid". Since its inception the prohibitions were reformed and Cuban nationals were then allowed to use the Cuban convertible peso.[3][4] The once prohibition to use the CUC by Cuban nationals and the later material inequality caused by most luxury goods only being accessible in the dollar economy had led critics to name the currency system "dollar apartheid".[5] In January 2021, however, a process of currency unification began, with Cuban citizens being given six months to exchange their remaining CUCs at a rate of one to every 24 CUPs.[6] On 15 June 2021, it was announced that the CUC would remain exchangeable in banks for a further six months but that no shops would accept them from 1 July. The final date for exchanging CUCs was 30 December 2021.[7] The Cuban government also promotes its healthcare facilities for the use of foreign customers, which has been charged to limit the healthcare of Cuban nationals for the preference of foreigners. This medical system has been informally labeled "medical apartheid" by critics.[8]
^Jimenez, Marguerite; Kirk, John; LeoGrande, William (2014). A Contemporary Cuba Reader The Revolution Under Raúl Castro. Rowman and Littlefield Publishers. p. 174. ISBN 9781442231009.
^Herrschel, Tassilo (2006). Global Geographies of Post-Socialist Transition Geographies, Societies, Policies. Taylor and Francis. p. 15. ISBN 9781134356768.
^Economics—Advances in Research and Application: 2013 Edition. ScholarlyEditions. 2013. p. 615. ISBN 9781481675208.
^Post-socialism is Not Dead Reading the Global in Comparative Education. Emerald Group Publishing Limited. 2010. p. 359. ISBN 9780857244185.
^Shaffer, Kirwin (2022). A Transnational History of the Modern Caribbean Popular Resistance Across Borders. Springer International Publishing. p. 180. ISBN 9783030930127.
^Yaffe, Helen (10 February 2021). "Day Zero: how and why Cuba unified its dual currency system". LSE Latin America and Caribbean blog. Retrieved 17 February 2021.
^"Información de Interés".
^Cuba A Country Study. Federal Research Division, Library of Congress. 2002. p. 150. ISBN 9780844410456.
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