Cuban entrepreneur and influencer Sandro Castro has announced plans to gather leading small business owners in Cuba this week in an effort to stabilize the soaring dollar rate in the informal market.
"This requires immediate action," Castro stated. "Starting this week, I will organize WhatsApp groups with the most prominent small business owners, entrepreneurs, private sector figures, and foreign branches. We aim to establish a reference rate to maintain a stable dollar value."
As the grandson of Fidel Castro, Sandro emphasized that the dollar's value should be set at 400 Cuban pesos, referencing the rate reportedly used by the Central Bank of Cuba in island hotels, which is 370 CUP per USD.
He noted that "donations and tourists" are arriving in Cuba as December approaches. However, he pointed out that "banks still lack dollars in CADECAS," which limits the availability of foreign currency through official channels.
For several days, Sandro has been actively campaigning on social media against the independent news outlet El Toque. On Saturday, he accused them of profiting by 128 million dollars through foreign exchange buybacks in the informal market.
Castro claimed that the recent spike in the dollar's price over the weekend, after several days of decline, was due to alleged manipulation by the independent outlet that publishes unofficial market rates. He urged the regime to censor this platform by any means necessary.
FAQs on Sandro Castro's Plan to Stabilize the Dollar in Cuba
What is Sandro Castro's plan to stabilize the dollar in Cuba?
Sandro Castro plans to organize leading small business owners, entrepreneurs, and foreign branches through WhatsApp groups to establish a stable reference rate for the dollar in the informal market.
Why does Sandro Castro believe the dollar should be valued at 400 pesos?
Castro believes the dollar should be valued at 400 pesos, based on the rate used by the Central Bank of Cuba in hotels, which is reportedly 370 CUP per USD.
What accusations has Sandro Castro made against El Toque?
Sandro Castro accused El Toque of earning 128 million dollars through foreign exchange buybacks in the informal market and blamed them for manipulating the dollar's price.