Americans Send $2 Billion a Year to Cuba
Americans Send $2 Billion a Year to Cuba
The increase in remittances will help Cuba's economy and its emerging private sector, comments AS/COA's Alana Tummino.
Trade with Cuba has been blocked for decades, but nearly $2 billion was sent to Cubans last year from within the United States.
Most of it came from Cuban-Americans sending money home to their families. But now, anyone in the U.S. can send up to $8,000 a year to just about anybody in Cuba, as the Obama Administration eases restrictions with the Communist country.
"You can really see the impact this money is having on the island," said Alana Tummino, director at the Americas Society and Council of the Americas.
The money is often going to small, private businesses.
Yes, even though Cuba is a Communist country, it has moved towards a more private economy in recent years....
