Cuba implements the first stage of the foreign exchange market and announces that the banking system will buy foreign currencies – Escambray

Deputy Prime Minister and Minister of Economy and Planning, Alejandro Fernandez, and President of the Central Bank of Cuba, Martha Sabina Wilson Gonzalez, participated in the radio and television program Mesa Redonda on Wednesday to make account of the implementation of the first stage of the future foreign exchange market on the island.

From this August 4, domestic and foreign individuals, the self-employed, private micro, small and medium-sized enterprises (MSMEs) and cooperatives will be able to sell foreign currencies, including US dollars in cash, to banks in the country. establishments.

Bank branches, exchange houses (CADECA), airports, hotels and tourist centers will carry out these operations.

The exchange rate will be one US dollar for 120 Cuban pesos, and a bank mark-up will be applied at the rate of 8% in the case of US dollars.

On the other hand, it has been reported that the US dollar still cannot be deposited on cards in freely convertible currency (MLC in Spanish) due to the impossibility of operating with this currency in international transactions.

It was also informed that transactions not requiring cash withdrawal would be encouraged, as well as sales of international cards, foreign currency cards and cards receiving transfers from abroad, to which a 0% mark-up will be applied.

Deputy Prime Minister Gil Fernandez described the market as a missing piece in the mechanism of the national economy.

He recalled that there is a flow of foreign currency entering the national territory, which does not circulate through the financial system of the State, but on the informal market, and that it is in the interest of the State to capture it.

He said that although in the first part, only the purchase of foreign currency was designed, the sale of foreign currency will be implemented, transforming the mechanism into a real market.

He affirmed that the objective of the measure is to ensure that the island’s economy operates exclusively in Cuban pesos but with an exchange rate that guarantees the internal convertibility of the currency.

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