Back in 2008, remittances to Cuba totaled US$1.4 billion, but they have since grown to $3.35 billion in 2015, placing Cuba among the top countries in the Caribbean and Central America in terms of total remittances received.
But for money transfer operators and investors to understand the impact of remittances on the Cuban economy and where the future trends are headed, it’s important to understand the 5 elements that have spurred the spike in remittances to Cuba, including changes in legislation and travel patterns.
And 4 new measures enacted by the American government regarding the use of dollars in Cuba have potential to impact the Cuban economy even further. A new report details the latest market research into Cuba’s remittances sector.
For a deeper dive into the Cuban remittance market or market intelligence about Cuba in other areas, click here.