AGP Executive Report

UN Embargo Vote: The General Assembly again called for an end to the U.S. embargo on Cuba, voting 130–17, with 25 abstentions. Support was weaker than last year as the island faces worsening shortages and financial strain. Fuel Supply: A tanker carrying Russian diesel has dropped its New York destination and is awaiting orders; reports say Cuba is one possible destination, but no new port has been confirmed. Tourism Slump: Cuba received 477,707 international visitors in the first nine months of 2026, down 65.1% year on year. The decline hits a key source of foreign currency. Currency Pressure: The informal market saw the dollar and euro reach new highs, with the dollar nearing 850 pesos and the euro approaching 1,000. Business Reform: Holguín construction-materials company Medano is pursuing changes to improve production and access to inputs, fuel and foreign currency amid severe resource shortages.

Tourism Slump: Cuba received 477,707 international visitors in the first nine months of 2026, down 65.1% from a year earlier. Arrivals from Canada, its largest source market, fell sharply, deepening pressure on a key source of foreign currency. Currency Pressure: The dollar and euro hit new records in Cuba’s informal market, adding to the strain on households and businesses. State Enterprise Changes: Holguín construction-materials company Medano is pursuing reforms to boost its autonomy and find new ways to access inputs, foreign currency and fuel amid severe shortages. Embargo Vote: The UN General Assembly again called for an end to the U.S. embargo, with 130 votes in favor, 17 against and 25 abstentions; Cuba’s economic crisis and the need for domestic reforms were both raised in the debate.

UN Vote: The General Assembly again called for an end to the U.S. embargo, with 130 votes in favour, 17 opposed and 25 abstentions. Support fell from 165 last year, and the nonbinding resolution will not change U.S. policy on its own. Regional Shift: Jamaica abstained for the first time, while Trinidad and Tobago voted against the measure—a break from its longstanding position—signalling a more divided Caribbean stance on Cuba’s access to trade, finance and investment. Currency Pressure: The dollar reached a record high in Cuba’s informal market as foreign currencies surged; reports say trading there stalled. Business Strain: Long power cuts continue to disrupt daily life and economic activity, while international experts see no quick recovery for tourism despite recent reforms.

UN and Trade: The General Assembly voted 130–17, with 25 abstentions, to call for an end to the U.S. embargo on Cuba. Support fell sharply from last year’s 165 votes in favor, amid a U.S. lobbying push; the resolution is nonbinding. Currency Market: The dollar hit a record high in Cuba’s informal market, adding to pressure on households and businesses already struggling with shortages and rising costs. Mining: Cuba has closed its largest zinc and lead mine, citing “external causes,” a setback for domestic production. Private Sector: Small and medium-sized businesses continue to struggle to find workers, with reported pay averaging just over one dollar a day.

Mining: Cuba has temporarily closed the country’s largest zinc and lead mine in Pinar del Río until January 30, citing export and logistics problems and the energy deficit. The shutdown threatens jobs and production after Trafigura halted shipments. Currency: The dollar hit a new high on Cuba’s informal market while the euro slipped, adding pressure on businesses and households dependent on imports. Trade and sanctions: China urged Washington to end its embargo during a UN debate ahead of the annual vote, as Havana highlighted the economic costs of US restrictions. Industry: Las Tunas’ only surgical-glove factory has not produced gloves since 2017, with imported raw materials unavailable—a snapshot of the supply and production constraints facing Cuban manufacturers.

Currency Market: The dollar reached a new high in Cuba’s informal market while the euro edged down, adding pressure on households and businesses. Energy Crisis: Families in Villa Clara have gone more than 45 days without electricity, underscoring the strains on daily life and economic activity. Embargo and Trade: A U.S.–Cuban shouting match disrupted a UN debate ahead of the annual vote on the U.S. embargo. Washington cited nearly $810 million in exports to Cuba, while Havana and its supporters argued that U.S. restrictions are worsening the island’s economic and energy crises. Conservation Funding: Cuba is among nine countries set to receive projects backed by a new $4.5 million round from China’s Kunming Biodiversity Fund.

Currency Slide: Cuba’s informal market put the dollar at 843 pesos on Monday, up 30 pesos in a week; the euro stood at 929. Power and Prices: In Chambas, residents report getting just 90 minutes of electricity daily, while 30 eggs cost 3,500 pesos. Blackouts are also pushing some businesses and families to drill costly private wells. Business Strains: Small and midsize firms are struggling to find workers, with reported pay of just over US$1 a day. Embargo Vote: Havana is bringing its call to end the U.S. embargo to the UN General Assembly for the 34th time, as it cites energy restrictions and difficulties obtaining food, medicine and other essentials. The vote is nonbinding.

Economic Strain: Cuba’s informal currency market remains volatile, with the dollar nearing 850 pesos and the euro approaching 1,000, while reports of pepper selling for 600 pesos a pound underscore the squeeze on household budgets. A new report describes worsening shortages, power cuts and strained health services as emigration and low public-sector pay deepen the crisis. Energy and Business: Cuba says it will keep daylight saving time in place through November 2027 to save electricity. Fuel shortages and long outages are also disrupting businesses and transport; small and medium-sized firms struggle to retain workers, with reported pay just over $1 a day. Trade and Finance: Ahead of this week’s UN vote on the U.S. embargo, Cuban officials say sanctions are obstructing aid shipments and Italian companies’ operations on the island. BANDEC in Las Tunas says it has issued 148 loans worth more than 10.15 million pesos for solar panels, as part of wider efforts to finance renewable energy and support private businesses.

Energy Crunch: Cuba will keep daylight saving time year-round to reduce evening power demand, while shifting school and work start times by 30 minutes. The move comes as the island faces severe fuel shortages and prolonged blackouts; a report says it received far less fuel than previously thought after liters were confused with barrels. Currency & Hiring: The informal-market dollar is nearing 850 pesos and the euro 1,000, squeezing businesses and households. Small and medium-sized firms are also struggling to find staff, with reported pay just over $1 a day. Private Enterprise: State retailer Cimex is opening more than a dozen Holguín establishments to private-sector management, expanding a limited avenue for private operators.

Currency & Prices: The dollar reached 834 pesos on Cuba’s informal market, up 27 in a week, while the euro climbed to 929 and neared 1,000. Private Business: Small firms are struggling to hire and keep workers: one restaurant offered 900 pesos a day—about US$1.08 at informal rates—as rising living costs erode wages. Energy Strain: A transmission-line fault disconnected Santiago de Cuba and Guantánamo from the national grid, adding to the power disruptions that are driving some business owners to drill private wells. Trade & Investment: Cuba is seeking closer economic ties with South Korea, while Cuba and India discussed expanding trade and pharmaceutical cooperation ahead of the BRICS parliamentary forum. Embargo Vote: Former Caribbean leaders urged UN members to back a resolution on October 28 calling for an end to the US embargo, citing tougher restrictions on fuel supplies to the island.

Currency Pressure: Cuba’s informal market closed Saturday with the dollar at 834 pesos and the euro at 925, up 29 and 6.5 pesos respectively over the week, deepening pressure on household budgets and business costs. Power Crisis: Blackouts exceeding 20 hours are disrupting transport, water supplies and production, while the Guiteras power plant has again dropped offline, this time due to turbine vibrations. Transport: Las Tunas plans to restore stalled passenger routes using fuel purchases by state and non-state operators, but its transport company currently has no routes running. Private-Sector Openings: Cimex is allowing private businesses to manage more than a dozen establishments in Holguín, while Havana has opened its first nautical store, selling equipment for boating, fishing and diving in a tightly controlled sector. Digital Payments: A Las Tunas electric company office reports benefits from a new POS terminal, giving customers—especially older people—a way to pay bills electronically.

Currency & Prices: The informal market opened Saturday with the dollar at 833 pesos and the euro at 920, both up on the day and over the week, keeping pressure on the peso. Power & Water: Blackouts lasting as long as 40 hours are pushing Cuban businesses and families to drill costly private wells; residents in Contramaestre also report unstable voltage and damage risks to appliances. Private Enterprise: Cimex is opening more than a dozen Holguín establishments to private-sector management, as Cuba explores a larger role for private companies in local markets. Energy & Industry: The U.S. has licensed Canadian miner Sherritt to ship fuel to its Cuban mines, a first step toward restarting Moa Nickel. Washington also says it cannot guarantee fuel exported to Cuba’s private sector will stay beyond the reach of state-linked entities.

Energy and Water: Blackouts are pushing Cuban businesses and families to drill costly private wells as power failures disrupt water pumps; an estimated 2.7 million people lack water at home. Currency: The euro is nearing 920 pesos on the informal market, while the dollar has hit a new high, adding pressure on household budgets and business costs. Private Enterprise: Cimex is opening more than a dozen establishments in Holguín to private-sector management, a test of wider business participation. Industry and Transport: Sherritt has secured U.S. permission to ship fuel to its Moa mines, a first step toward restarting nickel operations. Meanwhile, public transport has plunged, with passenger journeys down about 75% and worker-bus trips down as much as 90%.

U.S. Pressure: Trump renewed threats of action against Cuba, while Treasury proposed extending restrictions on certain U.S. high-tech investments to Cuba and other countries. The rule is not yet in effect. Currency Strain: The dollar and euro continued to climb in Cuba’s informal market, adding pressure on households and businesses. Transport and Fuel: Cuba’s transport minister said daily interprovincial trips from Havana have plunged from 419 to 11 amid fuel shortages. Trade Links: Cuba is pursuing closer economic ties with South Korea, while Canadian miner Sherritt won U.S. authorization to send fuel to its Moa operations.

Transport Breakdown: Cuba’s transport minister says public-transport trips could fall 75% this year as fuel shortages bite. Daily buses from Havana to the provinces have dropped from 419 to just 11. Currency Pressure: On Thursday, the informal-market dollar climbed to 827 pesos and the euro to 915, both up over the week. Investment Climate: A proposed U.S. Treasury rule would widen restrictions on American investment in sensitive technologies, with Cuba among the countries covered. Private-Sector Pivot: Cuba is opening new opportunities for private firms in neighborhood markets, while small businesses are increasingly supporting state companies. The shutdown of the Soroa tourist complex also highlights the damage to tourism and hopes for private-sector help with a revival. Blockade Costs: Cuba says U.S. restrictions caused more than $8 billion in economic damage from March 2025 to February 2026, worsening fuel shortages that disrupt businesses and essential services ahead of the October 29 UN vote.

Currency: The dollar reached its highest level of the month on Cuba’s informal market, as the peso continued to lose ground. Energy and transport: Power failures left five Havana municipalities without water, while fuel shortages continued to cripple public transport. Cuba is also reviewing energy alternatives in Moa. Mining: Sherritt received U.S. authorization to ship fuel to its Cuban mines, a first step toward restarting operations at the Moa nickel plant. Private business: New reforms are opening neighborhood market networks to private companies, while Cuba is seeking closer economic ties with South Korea amid its prolonged crisis. Agriculture: BioCubaCafé installed generators at three coffee-processing facilities in Maisí to reduce crop losses during power outages.