Cuba Opens Stores to Retain Foreign Currencies, Boost Economy

Cuba's government officialized Monday the opening of 13 chain stores with the goal of selling household appliances and spare parts for cars in dollars and other foreign currencies, in order to boost the economy of the island and to counter the decades-old blockade perpetrated by the United States against the Caribbean nation.

RELATED: 

World Leaders Congratulate Alberto Fernandez on Argentina Election Victory

The stores' openings took place as part of the measures decided by the Cuban government last September, when the sale of products for obtaining U.S. and Canadian dollars, euros, yuans, pounds sterling, among other foreign currencies was announced, to avoid the flight of capital abroad.

This first stage started with the inauguration of 12 establishments in the capital, Havana, while the remaining store is located in the southeastern city of Santiago de Cuba. The government said a total of 77 such stores would open across the country in the coming weeks.

"We aim to expand the supply of the most demanded household appliances: flat-screen televisions, air conditioners, splits, electric mopeds, and parts for autos," said the Cuban Vice-President Salvador Valdes Mesa.

To support the initiative, various banking entities based in Cuba decided to allow the processing of bank accounts with foreign currency, and the subsequent activation of electromagnetic cards.

Televisions, refrigerators, freezers, washing machines, ovens, sandwich makers and microwaves, as well as electric motorcycles, car batteries, tires and accessories, motorcycle units and combustion engines, are available for sale at affordable prices in the government's dollar equivalent.

On the other hand, the government informed that the list of products proposed will increase for the second stage of inauguration throughout the territory.