Havana Consulting Group
Miami-based Cuban economy research firm; cited on CADECA's 18-day test failure but published no volume data.
The Havana Consulting Group, the Miami-based independent Cuba-economy research firm, had published no formal remittance-volume data by 27 April 2026, three weeks after CADECA opened cash-dollar windows to try to recapture flows.
Last refreshed: 22 September 2026 · Appears in 2 active topics
Why has the Havana Consulting Group published no data on the CADECA dollar scheme after 18 days?
Timeline for Havana Consulting Group
Mentioned in: Informal dollar hits record 600 pesos
Cuba DispatchProvided remittance flow analysis underpinning the CADECA move assessment
Cuba Dispatch: CADECA opens cash dollar remittance windowsBackground
Havana Consulting Group (HCG) is a Miami-based Independent research and advisory firm specialising in the Cuban economy, diaspora remittances and the island's business environment. Founded by Cuban-American economists, it produces some of the most-cited Independent datasets on Cuba, filling a gap left by the limited transparency of the Cuban government's own statistical releases. Its estimates on remittance flows, tourism receipts and foreign direct investment are used by US government agencies, think tanks, international financial institutions and journalists covering the island.
HCG's figures give Washington and the Cuban diaspora an Independent yardstick for assessing the impact of US sanctions policy, including Executive Order 14380, since Havana does not publish comparable data of its own. Cuban authorities do not formally recognise HCG's work but have not mounted a credible methodological challenge to it either. The Firm's remittance estimates are widely treated as the closest available substitute for the official figures the Cuban state does not release.
Its own data has gone quiet
Havana Consulting Group's own estimates set the baseline for this story: citing HCG analysis, CiberCuba reported on 7 April 2026 that Cuba's state exchange network, CADECA, would open cash-dollar remittance windows because formal transfers had fallen 70 per cent below the 2019 level of roughly $3.7 billion.
By the 18-day mark, 22 to 24 April, neither HCG nor CADECA had published volume data showing whether the Reform was working. The informal dollar rate moved the wrong way over that window, from 510 to 530 pesos, and Havana Consulting Group, the island's main Independent benchmark, stayed silent on the outcome figures it would normally be first to publish.