Despite the implementation of remittance and travel restrictions (RTRs) by the Bush Administration on June 30, 2004, and the replacement of the U.S. dollar (USD) with the convertible peso (CUC) by the Cuban government in October of that year, family remittances continue to play a key role in the Cuban economy. During the 2001–2006 period, […]
Dominican Policies to Attract Remittances: Economic Impact and Lessons for Cuba
Latin America and the Caribbean (LAC) received an estimated $45 billion in remittances in 2005 (González-Corzo & Larson, 2007). According to the Inter-American Development Bank (BID, 2007), by the end of 2006, remittances to the region were estimated at $62.3 billion and by 2010 they are expected to reach $100 billion. This would represent an […]
Cuba’s Unique Remittance Landscape: A Comparative Perspective
In the mid 1990s, Cuba implemented a growth-driven strategy to attract remittances from abroad. The fundamental elements of this strategy consisted of the legalization of the U.S. dollar, the expansion of a national network of state-run “dollar stores” (tiendas de recaudación de divisas—TRDs), the development of government-operated exchange bureaus (Casas de Cambio, S.A.—CADECAS), and the […]