![]() ![]() The official expressed that foreign currency sales will be limited by “banking authorities’ purchasing power” and will depend on the amount of foreign currency purchased the day before. Even so, she explained that custormers buying USD won’t be able to deposit them in their bank accounts she highlighted “this is a limitation we have right now and while we work on a solution, this situation will continue.” ![]() Wilson didn’t clarify whether the 100 USD cap refers to a single purchase or is the sum of purchases made over a period of time, a day, week or month. This is “so more people can access this market and satisfy existing demand, which is much greater than the available foreign currencies,” she explained. The minister/president of the Cuban Central Bank, Marta Sabina Wilson Gonzalez, said that any individual customer will only be able to buy a maximum of 100 USD or the equivalent in any other currency. Foreign currency sales will only be made in cash because CADECA can’t connect operations to bank accounts, the Government has explained. Starting today, Cuban citizens wanting to buy EUR, USD, CAD, GBP or MXN, can go to any of the 37 Change Bureaus (CADECA) in the country – mainly located in provincial capitals and some municipalities, except for on the Isle of Youth, where transactions are made at the Banco Popular de Ahorro. Both rates are below the representative rate on the illicit market, which valued both currencies at 140 Cuban pesos on August 22nd 2022. In the case of Euros, the selling price stands at 125.11 pesos, while the buying rate is 116.70 pesos. ![]() Coming into effect on August 23rd, the measure upholds the 120 CUP: 1 USD exchange rate, with a difference between buying and selling prices due to commercial margins imposed by banks.Īpplying foreign exchange margins, anyone can buy USD for 123.60 Cuban pesos and sell it for 110.40. (Updates to add quote from U.S.Cuba’s minister of Economy and Planning, Alejandro Gil Fernandez, announced on Monday August 22nd that the Cuban Government will begin selling foreign currency to individuals. In the Official Gazette announcing the new rules, the government said the value of the peso will be determined by the Central Bank of Cuba and the exchange rate will be “published daily on its website.” The modification also potentially opens the door to a fluctuating exchange rate. 1 and the CUC will be removed from circulation in June.Ĭurrency unification is long overdue, but it will be painful for Cubans who receive part of their income in convertible pesos, since they’ll have their purchasing power eroded, said John Kavulich, the president of the U.S.-Cuba Trade and Economic Council, a New York think-tank.Ĭuba is implementing painful reforms “during one of its bleakest moments,” Kavulich said in a phone interview.ĭiaz-Canel had announced the unification in October. Since 1994, foreigners in Cuba have mainly transacted using the Convertible Cuban Peso, or CUC, pegged to the dollar, while locals mainly used the much weaker Cuban peso. The unification of the currencies is part of a wider reform package which the government has also said will also include modification of salaries, prices and subsidies. The socialist economy has been hurt by the slump in tourism income since the pandemic began, and was already suffering under the U.S. embargo. Streamlining the currency system will put the country on a sounder footing “to go ahead with the transformations that we need to update our economic and social model,” Diaz-Canel said in a televised speech on late Thursday, accompanied by former president Raul Castro.Ī partir del primero de enero de 2021 comienza la Tarea ordenamiento, aplicándose una tasa de cambio de 24 pesos MN por 1 dólar, informó el Presidente de #Cuba en comparecencia especial, acompañado por el General de Ejército Raúl Castro, Primer Secretario del Partido Comunista /s9wDQvmnV9 Cuba will end its decades-old dual currency system and have a single unified exchange rate of 24 pesos per dollar from January, President Miguel Diaz-Canel said. ![]()
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