A recent Facebook post by a pro-government photographer has reignited discussions about the uncertain future of Cuba’s convertible currency (MLC), as more and more businesses quietly cease accepting this payment method, opting instead for cash in U.S. dollars. The photographer shared an image of a sign at a store that no longer accepts MLC, questioning, “So what the hell is the MLC?” Increasingly, stores accept only USD, with fewer accepting MLC, yet officials have remained silent about any phased-out approach for this currency.
When MLC was first introduced, it was heavily promoted by the government. However, as its use sharply declines, there has been no public explanation or clarity on what will happen to funds citizens have deposited in their MLC accounts.
Public Criticism
The photographer’s post drew numerous comments from users expressing anger and distrust toward the government. One user described the situation as MLC experiencing a “natural death.”
Provincial Perspectives
From Santa Clara, a commenter noted the process is advancing “little by little.”
Official Silence and Public Demands
Many voices are calling on the government to explain the devaluation of a currency card that was supposed to be backed by foreign capital. Others have been more outspoken in their criticism.
As of now, no official entity has communicated any changes regarding the acceptance of MLC or the fate of accounts held in this currency. Meanwhile, the belief that its abolition is imminent, despite public denials from authorities, continues to grow.
In 2020, when the government launched stores selling food and hygiene products in MLC, it promised these funds would stock stores in Cuban pesos. However, that promise was never fulfilled, and today, stores in the national currency are scarce and almost entirely out of stock.
Understanding the Shifts in Cuba’s Currency Policy
What is MLC, and why was it introduced in Cuba?
MLC, or freely convertible currency, was introduced in Cuba to allow transactions in foreign currency, primarily intended to boost the economy by attracting foreign capital.
Why are more businesses in Cuba stopping the acceptance of MLC?
Businesses are increasingly requiring U.S. dollars in cash due to a lack of confidence in the stability and future of MLC, as well as a shift in government policy that has not been clearly communicated.
What are the public’s reactions to the changes in MLC policy?
There is widespread dissatisfaction and distrust among the public, with many expressing concern over the lack of transparency and the potential loss of value in their MLC accounts.
