Common Questions

What is the Havana Consulting Group?

The Havana Consulting Group is a Miami-based independent research firm specialising in the Cuban economy, diaspora remittances, and the business environment. Its data on remittance flows and tourism is widely used by US government agencies, think tanks, and journalists.

How much have Cuba remittances dropped since 2019?

Havana Consulting Group analysts estimated in April 2026 that formal remittances were running 70 per cent below the 2019 baseline, with most flows migrating to informal banquero networks.Source: Havana Consulting Group / CiberCuba

How far are formal remittances to Cuba below normal levels?

According to Havana Consulting Group analysts cited in April 2026, formal remittances to Cuba are running approximately 70 per cent below the 2019 baseline, driven by sanctions on Western Union and other formal remittance corridors.Source: Havana Consulting Group

Background

The Havana Consulting Group (HCG) is a Miami-based independent research and advisory firm specialising in the Cuban economy, diaspora remittances, and business environment. Founded by Cuban-American economists, HCG produces research used by US government agencies, think tanks, international financial institutions, and journalists. Its estimates on remittance flows, tourism statistics, and FDI are among the most-cited independent datasets on the Cuban economy, given the limited transparency of Cuban government statistical releases.

HCG analysts were cited by CiberCuba on 7 April 2026 attributing CADECA's decision to open cash dollar remittance windows to the regime's need to recapture flows running 70 per cent below the 2019 baseline. By the 18-day mark (22-24 April), neither HCG, CADECA, nor Fincimex had published any formal-channel volume data on the test's performance. The absence of published data from HCG — the primary independent benchmarking organisation for Cuba remittances — is significant: it suggests either that data is not yet available or that the results are too poor to publish without further context. The Informal USD/CUP rate moved in the wrong direction over the 18-day period (510 to 530), consistent with the test failing to shift demand from informal to formal channels.