Official foreign exchange market opens in Cuba

Notes taken on the presentation during Cuban TV’s Round Table which featured the Minister of Economy and Planning, Alejandro Gil, and the Minister and President of the Central Bank of Cuba, Marta Sabina Wilson Fernández.

For the moment, the Official Market will be limited only to the purchase of foreign currency, and NOT the sale of such currency.

THE OFFICIAL EXCHANGE RATE: 120 Cuban Pesos (CUP) = 1 (USD) DOLLAR, which is the reference currency. The rate will not fluctuate, at least for the time being.

OPERATORS: Banks, Cadeca, airports, hotels. In banks, these operations must be done at tellers, not at ATMs, since these would automatically exchange for the pre-established rate of 24 CUP = 1 USD.

They can be accessed by all Cuban and foreign citizens, as well as Self-Employed Workers (TCP), Agricultural and Non-agricultural Cooperatives. The result of the operation is NOT transferred to the cards in MLC.

For the business sector, the exchange rate of 24 CUP = 1 Dollar is maintained.

Progreso Weekly will continue to monitor this situation and report any new information as it occurs.