AGP Executive Report

Currency Pressure: The dollar climbed to 813 pesos and the euro to 905 in Cuba’s informal market on Monday, deepening pressure on households and businesses. Energy Investment: New rules open oil refineries and fuel depots to private and foreign investment and allow direct fuel sales, but analysts say Cuba’s small private sector lacks the capital and technology needed for major projects; state control remains a barrier. Fuel Supply: A correction to U.S. trade data shows Cuba received 182,932 barrels of petroleum products in July, not the nearly 3.2 million previously reported, underscoring the island’s supply constraints as power outages persist. Agriculture: Guantánamo is offering more than 8,000 hectares for farming, though limited irrigation could restrict development.

Currency Market: The dollar reached another record high in Cuba’s informal market as the euro lost ground, adding pressure on households and businesses that rely on imported goods. Energy & Investment: Cuba is opening refineries and fuel depots to private investment as the energy crisis deepens; entrepreneurs are also buying imported fuel. Cienfuegos is seeking private capital to revive tourist facilities. Food & Farming: Five women-led initiatives in Holguín were among six projects selected for World Food Programme support, with funding and technical help aimed at strengthening local food systems. Small Business: Cuban entrepreneurs face rising costs, shortages, power cuts and limited financing. One account says many now retain only 10–20% margins after expenses. Trade Pressure: The U.S. and Cuba clashed at the UN ahead of the annual vote on the embargo, as Havana faces mounting strain from an oil blockade.

Tourism Investment: Cienfuegos is offering seven hotel and tourism properties to Cuban private firms and foreign investors as it seeks funds to revive shuttered facilities. Currency and Payments: The informal-market dollar climbed to 808 pesos and the euro stood at 903. In Guantánamo, bank customers still face long queues and cash shortages, leaving some unable to use money held in their accounts. Energy and Fuel: Cuba is opening refineries and fuel depots to private investment as the energy crisis deepens; entrepreneurs are also buying U.S. fuel. Food and Farming: Russia delivered 750 tons of vegetable oil, while Japan-funded aid began arriving with 425 tons of rice. Guantánamo has offered more than 8,000 hectares for agricultural development, but only a small share has irrigation.

Power Crisis: Some circuits in Pinar del Río endured more than 90 hours without electricity as Cuba generated just 750 megawatts against demand of 2,800, worsening disruption to homes and businesses. Currency: The informal-market dollar reached 807 pesos and the euro 904, extending a week of gains and deepening pressure on household budgets. Energy Investment: New rules allow authorized private and foreign investors into oil exploration, refining, storage and fuel sales, as the government seeks capital amid shortages; Cuban entrepreneurs are also buying U.S. fuel. Rising Costs: A scoop of ice cream sold by a private business cost 200 pesos—about 2.7% of the average monthly state salary—underscoring the widening gap between prices and incomes. Agriculture: Guantánamo has offered more than 8,000 hectares for development, though limited irrigation may constrain what the land can produce.

Fuel and Private Business: Cuban entrepreneurs are increasingly buying U.S. fuel, shifting supply toward the private sector after Washington’s restrictions cut off traditional state suppliers. The change offers businesses a new source of energy but comes as blackouts and fuel shortages deepen. Currency Crisis: The informal-market dollar climbed to a record 805 pesos on Oct. 17, while the euro reached 904, adding pressure on businesses and households already facing steep costs. Agriculture: Guantánamo is offering 8,451 hectares to farmers and other economic actors for crops, livestock and tourism projects, though limited irrigation may constrain production.

Currency: The dollar climbed to a record 805 pesos on Cuba’s informal market on Oct. 17, while the euro reached 901, deepening pressure on household budgets and businesses. Energy and Investment: Cuba says U.S. oil restrictions are worsening the energy crisis, as power-plant outages add to supply strain. A new law is set to open the oil sector to private firms, though its impact remains to be seen. Agriculture: Guantánamo is offering 8,451 hectares for farming and livestock, but only a small share has irrigation, limiting how much the land can produce. Banking: The U.S. sanctioned Cuban state bank BICSA over alleged financial ties to an Iranian institution, adding pressure on Cuba’s access to international finance. Food Supplies: Russia delivered 750 metric tons of vegetable oil for the World Food Programme’s emergency reserves in Cuba.

Currency Pressure: Cuba’s informal-market dollar hit a record 803 pesos, up 27.5 pesos in a week, while the euro climbed to 898. The surge deepens pressure on households and businesses facing a shortage of foreign currency. Banking and Sanctions: Washington sanctioned state bank BICSA over alleged financial links to Iran, adding another constraint for Cuba’s international banking ties. Energy and Investment: After a fire knocked a unit of the Santa Cruz thermoelectric plant offline, Cuba is promoting renewable energy and opening parts of its oil sector to private investment, scrapping old laws to attract foreign drillers. Agriculture: Guantánamo has offered more than 8,400 hectares for farming, but only 20 hectares have irrigation—highlighting the infrastructure gap facing efforts to boost food production. Housing Reform: A new housing law allows real estate agencies and cooperatives, and ends the confiscation of emigrants’ homes, creating new space for property transactions.

Power Crisis: A major fire knocked a unit at the Santa Cruz del Norte thermoelectric plant offline, while Holguín’s Felton plant also went down, worsening an already severe electricity shortfall. Currency Pressure: The informal dollar neared 800 pesos, with the euro also rising, adding to pressure on household and business costs. Banking and Sanctions: Washington sanctioned state-owned BICSA over alleged financial ties to an Iranian bank, tightening pressure on Cuba’s access to international finance. Housing and Investment: Cuba’s new housing law recognizes real-estate agencies and cooperatives, while recent oil-sector reforms aim to attract private firms to production and refining. Agriculture: The agriculture minister says fuel, fertilizer and labor shortages remain major barriers to expanding food production, despite efforts to transform the sector.

Banking and Sanctions: The U.S. sanctioned state-owned Banco Internacional de Comercio, alleging it provided services to Iran’s Karafarin Bank since 2022. Havana rejected the action, calling the bank and its transactions legitimate. Currency Market: The informal-market dollar closed Thursday at 798 pesos, up 22.5 pesos in a week; the euro reached 895. Energy: Cuba says renewables now supply 21.4% of electricity, with 1,418 megawatts of solar capacity, as fuel restrictions deepen pressure on the power system. Investment Rules: Cuba has repealed decades-old oil laws to attract foreign drillers and opened the sector to private firms. A new housing law also allows real estate agencies and cooperatives, while ending confiscation of emigrants’ homes. Skills and Innovation: The University of Holguín opened a doctoral school focused on research in energy, agriculture, governance and software, in partnership with Belgian universities.

Banking Sanctions: The U.S. has sanctioned state-owned Banco Internacional de Comercio, accusing it of providing services to Iran’s Karafarin Bank. The measure could complicate the Cuban bank’s international transactions; Havana rejects the allegations. Energy: Cuba’s foreign minister says renewables now supply 21.4% of electricity, backed by 1,418 megawatts of solar capacity, as the country seeks to reduce reliance on fuel imports. Investment and Trade: Officials in Holguín are reviewing measures to let businesses and cooperatives handle more import and export approvals directly and attract foreign investment. Currency: The dollar and euro continue to climb in Cuba’s informal market, adding pressure on households and businesses. Housing and Oil: A new housing law allows up to two homes and opens the sector to private and foreign capital, while separate legislation is set to open Cuba’s oil sector to private firms.

Energy Investment: Cuba’s new oil-and-gas law, effective Oct. 19, opens exploration and production to domestic and foreign private firms through contracts with the state, as the country struggles with fuel shortages and power cuts. Officials are also inviting private investment in refineries and fuel depots. Currency Pressure: The informal-market dollar closed Wednesday at 795 pesos and the euro at 890, both weekly highs, deepening pressure on household budgets. Power and Transport: U.S. solar exports are helping keep some Cuban lights on, but transport fares in Matanzas remain unaffordable for many workers; a reported bus ride now costs 700 pesos against an estimated daily wage of 236. Trade Disruptions: Air China cancellations on the Madrid–Havana route are delaying package shipments and adding costs for families waiting on deliveries.

Energy Investment: Cuba’s new oil and gas law, effective Oct. 19, will let domestic and foreign private firms explore and produce fuel through concessions, service contracts and profit-sharing deals, while the state retains ownership of resources. The move comes amid severe shortages and blackouts. Currency Pressure: The dollar has climbed to 793 pesos on the informal market, while the euro nears 900, squeezing businesses and households reliant on imported goods. Solar Lifeline: U.S. solar-cell and panel exports to Cuba reached $6.3 million in the first seven months of 2026—up sharply from 2025—as homes and businesses seek power during outages. Tourism Slump: Spanish media warn visitor numbers could fall 64%, with a potential 10% hit to GDP, as the sector struggles to recover.

Currency Pressure: The dollar climbed to 793 pesos and the euro to 888 on Tuesday, both monthly highs, as Cuba’s informal market reflects persistent currency shortages. Energy Investment: Havana has issued a new oil and gas decree to boost output and opened refineries and fuel depots to private investment. U.S. companies have also become key fuel suppliers as sales to Cuba’s private sector rise. Food and Agriculture: Cuba presented coffee and honey investment opportunities at a UN food forum, aiming to expand production and sell more value-added products despite shortages of fuel and inputs. Market Distortions: A Cuban economist acknowledged that price controls are fueling corruption and black-market trade, as the government faces mounting pressure to make essential goods more available.

Energy Investment: Cuba’s new oil-and-gas law broadens options for domestic and foreign investors, including concessions and deals involving refineries, fuel storage and marketing. The changes take effect October 19 and aim to lift production amid a worsening energy crisis. Currency Market: The informal dollar rose to 788 pesos and the euro to 885 on Tuesday, extending their weekly gains as the peso remains under pressure. Price Controls: An economist writing on state-run Cubadebate says price caps have failed to contain inflation and instead encourage corruption and push goods into informal markets. Tourism: A report cited by Spanish media warns of a steep visitor decline and says it could weigh heavily on GDP, underscoring the strain on one of Cuba’s key industries.

Energy Investment: Cuba has replaced oil laws dating to 1938 and 1959 to attract foreign companies into exploration and production. New rules allow production-sharing contracts of up to 40 years, while the state retains ownership of oil and gas reserves. Power Shift: Amid fuel restrictions, Cuba says it has installed 144 solar farms with about 1,418 megawatts of capacity and is pursuing solar, wind and domestic fuels to reduce reliance on imports. Wholesale Trade: Sancti Spíritus has opened Cuba’s first supply market, offering goods including rice, diapers and whiskey; buyers must spend at least $200, or 24,000 pesos. Currency Pressure: The euro reached 885 pesos and the dollar 788 on the informal market, both at 30-day highs, while the MLC fell to about 513 pesos. Business Support: A UNDP call, open until November 15, will offer equipment funding to state and private cultural businesses and cooperatives.

Energy and Fuel: Cuba is accelerating renewable-energy plans as oil restrictions squeeze supplies; officials say 144 solar farms now provide about 1,418 megawatts of capacity. U.S. companies have also become major fuel suppliers to Cuba’s private sector, while state-run industries remain heavily constrained. Creative Businesses: A UNDP and European Union program is inviting cultural and creative ventures—including private and state MSMEs and cooperatives—to apply for equipment funding by Nov. 15. Currency Market: The dollar and euro continued to rise on Cuba’s informal market, underscoring pressure on the peso. Tourism: Reports point to a deepening slump: state-owned Gaviota has kept nearly 90% of its more than 30,000 rooms closed, while Spanish media report a steep fall in visitors and warn of a hit to GDP.