Dollar store (Cuba)
InCubabetween 1993 and 2004, adollar storewas a government-owned shop that sold goods solely in exchange forhard currency,originally mainly to foreigners, in the same way as aFriendship storein thePeople's Republic of Chinaor anIntershopin theGerman Democratic Republic.
In 1993, Cuba made theUnited States dollarlegal tender.[1]The "dollar stores" accepted payment in US dollars and inCuban convertible pesos.
In November 2004, the US dollar ceased to be legal tender to use in cash commercial transactions and was replaced by theCuban convertible peso.[2]However, the "dollar stores" remained open and despite their acceptance of only theconvertible peso,the term "dollar stores" remained in colloquial use.
Starting in 2019, and greatly extended in 2020, a number of stores were converted with prices set in US dollars, and payment only by card - either special MLC cards issued by Cuban entities or international cards such as Visa or Mastercard.
References
[edit]- ^"Cuba bans US dollar transactions".BBC News.26 October 2004.Retrieved8 September2013.
- ^"Cuba dollar tax comes into force".BBC News.15 November 2004.Retrieved8 September2013.
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