Latin America

Cuban Government announces operation of new exchange system | News

During the Round Table program this Wednesday, the Minister of Economy and Planning of Cuba, Alejandro Gil Fernández announced that from this Thursday, August 4, a new currency exchange system will be implemented in the Antillean nation. in sequence:

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Gil acknowledged that this system “is a missing piece in the functioning mechanism of the economy, which due to conditions in which this item has had to develop in recent years, had made it impossible to establish a foreign exchange trading mechanism with sustainability for the population and foreign visitors”.

In said television space, the Minister President of the Central Bank of Cuba, Marta Sabina Wilson González, reported that the exchange rate will be 120 Cuban pesos (CUP) for each dollar. For each Euro the bank would give 119.69 CUP.

However, the officials clarified that the profit margin with respect to the dollar will be eight percent, therefore, starting this Thursday, whoever sells a dollar to the bank will receive 110.40 CUP.

Despite this, for transfers made from abroad, the profit margin for the purchase of currency will be zero, an issue that applies to international cards and transfers from currency accounts to national currency, therefore the rate it would be one times 120.

In this aspect, it was also explained that to withdraw cash through foreign currency accounts, the commercial margin would be one percent, and for deposits that are not in national currency, it will be 1.50 percent, where the dollar will have a higher affectation.

One of the essential issues to advance in the gradual recovery of the economy is to increase foreign exchange earnings to the country. This is a missing piece in the country’s monetary mechanism.
�� @AlejandroGilF in @mesaredondacuba #Cuba #Cuban Economy

— Ministry of Economy and Planning of Cuba (@MEP_CUBA)
August 3, 2022

In two of the most important points for the Cuban population, the head of the Economy portfolio, Alejandro Gil, stressed that the sale of dollars will only be in cash, and this will not be done at the moment, as well as adding that these cannot be use them on the card in freely convertible currency (MLC).

“We are going to sell currencies, but it will not be immediately. We are creating the conditions to do it later,” said the head of the economy portfolio.

The implementation of the new exchange system would immediately provide “a purchasing capacity and we currently do not have the capacity to convert those dollars into usable money,” he argued in this regard, while pointing to the blockade imposed by the United States as the The main cause that does not allow this operation to be carried out, which “would be favorable for the Cubans,” he acknowledged.

Gil stressed that due to the economic situation that the country is going through, the demand for cash is high, directly proportional to the demand in MLC that is needed to buy the ink, paper and equipment to issue these bills, which is why it seeks to favor the electronic commerce.

The new system will be implemented in all municipalities and provinces to the extent that the conditions are created, as well as to provide service in airports, hotels and tourist centers.

It was also pointed out that the website of the Central Bank of Cuba will be updating on the branches where these operations will be carried out, which, for the moment, will only be through tellers, but it is expected that later the tellers will be able to support these functions.

The head of the Economy portfolio and the president of the Central Bank of Cuba recognized that the national financial system is not effectively capturing a good part of the foreign currency that arrives in the country, so it is necessary to attract them because this also generates economic growth. .

Disclaimer: Via Telesur – Translated by RJ983

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