At least 14 entrepreneurs in the province of Holguín have joined forces to artificially lower the price of the dollar in an effort to combat the rising value of currencies against the Cuban peso. The agreement was made at the Businessmen’s Forum held at the Hotel Brisas Guardalavaca earlier this month, where participants expressed growing concern over the depreciation of the Cuban peso and the challenges it poses for their businesses, particularly in terms of importing products and raw materials.
With the lack of physical availability of dollars at official exchange houses, these entrepreneurs have had to resort to informal networks where the exchange rate is much higher than the official rate of 24 pesos per dollar. As a result, they have struggled to acquire the currency needed to sustain their businesses, leading to the decision to band together and take action.
The entrepreneurs have taken various measures to try and influence the price of the dollar, including publishing fictitious sales or purchases of foreign currency on social media and creating WhatsApp groups to coordinate their efforts. Despite their attempts, they have faced challenges in actually obtaining dollars at the desired prices.
The Cuban government has also weighed in on the situation, with the official site Cubadebate criticizing the exchange rates spread by certain sources, attributing them to an economic war against Cuba. However, many internet users have pushed back against this narrative, pointing to the country’s economic challenges and lack of production as the root causes of the currency depreciation.
Despite the efforts of the entrepreneurs in Holguín, the value of the dollar in the streets of the city continues to rise, with the exchange market following suit. The situation remains uncertain as these businesses grapple with the impact of the currency fluctuations on their operations.