Sale of foreign currency to individuals begins in Cuba

Havana, Aug 23 (Prensa Latina) In Cuba, the sale of foreign currency to individuals begins in 36 Casas de Cambio (Cadeca) with a reference rate of 120 Cuban pesos per dollar and a commercial margin favorable to the dollar.

The step of starting the sale of foreign currency to the population is part of the result of the implementation of the exchange market on the island whose first step – 20 days ago – began with the purchase of foreign currencies, including the dollar, the minister president of the Central Bank of Cuba (BCC), Marta Wilson, explained.

In that period, she said, 10 times more foreign currency was acquired than what was bought in a month with the previous exchange rate (1 dollar x 24 Cuban pesos CUP).

This means that the measure adopted stimulates people to sell their foreign money to the Cuban financial system, Wilson added.

The initial foreign currency sale operations, he added, will be only in cash because Cadeca has no way of connecting the operations with the bank accounts, which will be left for a second stage.

Wilson explained that in the case of dollars, these cannot be deposited in bank accounts because the restrictions imposed by the blockade persist and limit the country’s ability to export this currency to deposit it in bank accounts abroad or to acquire the resources it needs.

The presiding minister specified that Cadeca and the banks -when they join this activity- will sell from previous purchases. It is a market that must be self-sustaining, and access to sales will depend on the acquisition.

Wilson pointed out that Cadeca will not sell foreign currency at the airports because it must promote and facilitate greater access to this market.

Regarding the sales operations, Wilson specified that they will have a limit of US$ 100 or its equivalent in another currency so that more people may have access to this market and satisfy the existing demand, which is much higher than the supply.


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