Although the “new” peso, or convertible peso, was introduced in 1994, it was not used as the major monetary exchange in the hard currency food chain until the Cuban government ceased to recognize the U.S. dollar as legal tender in 2004.1 For nearly a decade, from 1993 until November 2004, the U.S. dollar was the […]

Notes1 Current U.S.-Cuba relations deny two-way agribusiness trade. Many analysts believe removal of U.S. economic sanctions on Cuba and a democratic freemarket Republic of Cuba would open the door for multi-billion dollar trade and investment in food and agriculture between the two countries. This paper provides background information on U.S.-Cuba food and agricultural trade, and […]

Cuban visitors and residents have the option of buying certain types of food with either pesos or dollars. They may use one of four different currencies and have access to more than eight different types of official food markets. Cuban pesos are used in the ration stores, and various agricultural markets. U.S. dollars and, to […]

Notes1 Cuba’s purchasing and distribution system servicing the market for dollar foods2 is decentralized and complex. It is composed of: (1) retail stores trading only with dollars, (2) hotels and restaurants catering to tourists for dollars, (3) food processing companies that sell a portion of their production within Cuba for dollars, and (4) institutions that […]

Prior to the Castro Administration takeover in 1959, foreign investment in agriculture was a major factor in Cuba’s economy. In the sugar sector, which was the keystone of the economy, approximately 40 percent of the production resulted from U.S. investment capital. In addition, there were investments by U.S. and other foreign investors in the production […]