The controversial Cuban entrepreneur and influencer, Sandro Castro, grandson of Fidel Castro, has once again taken aim at the independent media outlet El Toque. He accused them of being a "dark elite" responsible for the increase in the dollar's price within Cuba's informal market.
In a recent video shared on his social media platforms on Thursday night, titled “2nd Edition: Solutions for the Economy,” Sandro placed blame on El Toque for allegedly "artificially inflating" the dollar exchange rate to gain financial benefits.
“We are dealing with a dark elite that remains hidden and, rather than assist, aims to enrich themselves at the expense of all of us,” stated the most media-savvy member of the Castro family in his video.
According to his assessment, the independent platform—which regularly publishes reference values for the dollar, euro, and MLC in Cuba's informal market—manipulates prices "as in previous years," inflating the rates to later cause a drop and profit from the "buyback."
“They will execute the same manipulation as always. Once they manage to inflate it, the buyback follows. You'll see it drop to 460 so they have a margin of 50 pesos and can send their buyers out,” he claimed.
Known for his controversial remarks and provocative style on social media, the entrepreneur accused the outlet of harming the domestic economy of Cubans. He also urged small businesses and private entrepreneurs on the island to unite to establish a "fairer and more realistic" exchange rate.
“We are not obligated to purchase at El Toque’s prices. There should be a reference rate, but one that is more just,” he added.
This marks the second occasion that Sandro Castro has publicly accused El Toque regarding the dollar issue, amid one of the worst economic crises Cuba has faced in decades. This crisis is characterized by inflation, scarcity, and the continuous depreciation of the Cuban peso due to the regime's flawed policies.
El Toque, meanwhile, has repeatedly stated that their exchange rate tracking project is a statistical reflection of the informal market, not a price-setting mechanism.
On social media, Sandro Castro's statements have once again sparked divided opinions: while some accuse him of being out of touch with the country's economic reality, others applaud his effort to “seek solutions” to the monetary chaos impacting Cubans.
Understanding Sandro Castro's Accusations Against El Toque
Why did Sandro Castro criticize El Toque?
Sandro Castro accused El Toque of being a "dark elite" that artificially inflates the dollar exchange rate in Cuba's informal market for financial gain.
What is Sandro Castro's proposed solution to the dollar issue?
He called on small businesses and private entrepreneurs in Cuba to unite and establish a more fair and realistic exchange rate than the one provided by El Toque.
How has El Toque responded to these allegations?
El Toque has maintained that their exchange rate tracking is merely a statistical representation of the informal market and not a tool for setting prices.