On Wednesday, Cuban President Miguel Díaz-Canel paid a visit to Dofleini S.R.L., a private software development company. The visit drew significant attention, not only because Dofleini is among the first private enterprises approved in Cuba following the 2021 reform, but also because its director, Deputy Carlos Miguel Pérez Reyes, is one of the few officials who has openly criticized the regime's push for bank reforms.
At a time when Cuba is grappling with severe economic challenges, including inflation, shortages, and growing dissatisfaction among economic actors, Díaz-Canel remains committed to advancing new technologies within the country. His stop at this private company was aimed at highlighting Dofleini's role as a model for other small and medium-sized enterprises (SMEs). He praised the efforts of its 67 professionals who are working in critical areas like artificial intelligence, data analytics, and service exports.
However, this unexpected visit also rekindled the critical remarks from Pérez Reyes, who has publicly highlighted the shortcomings of Cuba's economic model. "The closure of businesses is a direct result of how the bank reform is being implemented," the deputy warned in 2023. While he supported the banking concept itself, he questioned the lack of a legal currency exchange market, shortages, and the obstacles in accessing foreign currency, all of which, in his view, hinder the operations of SMEs.
Earlier that year, during a session of the National Assembly, Pérez Reyes also pointed out that wages in Cuba "aren't even enough to buy a block of cheese," noting that the purchasing power of Cubans has decreased by 50% since the Tarea Ordenamiento policy. He criticized the official rhetoric that ignores workers' realities and called for measures more aligned with the country's actual situation.
The businessman has proposed alternatives such as currency auctions, the use of remittances, and exports to fund businesses, along with improvements in banking infrastructure. He advocated for a gradual and comprehensive approach to bank reforms, stating, "Yes to banking, but gradually and with complete solutions."
As the government continues to project an image of digital modernization and entrepreneurship, Díaz-Canel's visit to Dofleini underscores the contradictions within the economic model. While the regime pushes new actors forward, it simultaneously constrains them with the very restrictions they criticize. The president's presence at this company can be interpreted as a political gesture towards a key sector, but also as an attempt to mitigate the growing discontent within his own ranks.
Understanding Cuba's Economic Challenges
What are the criticisms directed at Cuba's bank reform policy?
Critics, like Deputy Carlos Miguel Pérez Reyes, argue that the current implementation of bank reforms has led to business closures due to the lack of a legal currency exchange market, shortages, and difficulties in accessing foreign currency.
How has the purchasing power of Cubans been affected in recent years?
According to Deputy Pérez Reyes, the purchasing power of Cubans has declined by 50% since the implementation of the Tarea Ordenamiento policy, with wages insufficient to cover basic necessities.
What solutions have been proposed to improve Cuba's economic situation?
Proposals include currency auctions, utilizing remittances and exports to finance businesses, and enhancing banking infrastructure to create a more stable economic environment.