Cuban Government Authorizes Private Retail Chains and Restaurants to Operate in Both Dollars and Pesos
The Cuban Council of Ministers has authorized the establishment of private chains of stores and restaurants that can conduct sales in both Cuban pesos and U.S. dollars. This move is part of a broader set of 176 official measures aimed at economic opening within the country. The new regulations are outlined in Decree 167 of Internal Commerce, which replaces previous scattered norms concerning wholesale and retail trade, gastronomy, and services. This decree applies to both natural and legal persons, whether Cuban or foreign. While the use of foreign currency is permitted for transactions, banking operations and access to the foreign exchange market remain subject to specific existing legislation. The decree also legalizes and regulates various sales modalities, including online sales, telephone sales, digital and printed sales, vending machines, and street vending. Merchants will have the right to set prices and tariffs within the framework of current legislation, and they can establish the type of commerce...