Cuba: the government will buy dollars at the black market rate
The Central Bank of Cuba has announced that banks and exchange offices will begin this Thursday, August 4, to buy dollars at a rate of 120 Cuban pesos per greenback.
REUTERS - JOSE LUIS GONZALEZ
Text by: RFI Follow
2 mins
The Central Bank of Cuba announced that banks and exchange offices will begin this Thursday, August 4, to buy dollars at a rate of 120 Cuban pesos per greenback, the same as that of the black market, a move intended to attract foreign currencies .
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"
We have considered that the exchange rate of 120 Cuban pesos for one dollar, which is the currency taken as the basis for establishing the exchange rate with the rest of the currencies, is the rate that we believe will have more prospects
", central bank president Marta Sabina Wilson said in a televised message.
The American currency has soared on the black market since the implementation in Cuba, in January 2021, of an economic reform fixing the rate of the dollar at 24 pesos, and the suspension last June of the sale of dollars to the population due to lack of cash.
The dollar reached 124 pesos on the informal market.
On Wednesday, it stood at 115 pesos, according to
El Toque
, an independent media considered illegal in Cuba, which publishes the quotation of the main currencies.
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The United States lifts restrictions on air links with Cuba
El ministro de economía @AlejandroGilF anunciará en pocos minutos nuevas medidas para el inicio del mercado cambiario en el país.
¿Servirán para paliar los serious economic problems of #Cuba?
¿O será más de lo mismo?
Shelters 🧵 with live information https://t.co/Sh4WE70D4c
— El Toque (@eltoquecom) August 3, 2022
Official parity still in effect for domestic transactions
Initially, only financial institutions will be able to acquire dollars.
“
The exchange rate of 120 CUP (Cuban pesos) for one dollar is not a balanced exchange rate, it is only used to buy.
When we start buying and selling, a balanced exchange rate will be in place
,” said Economy Minister Alejandro Gil.
Mr. Gil, specified that the official parity of 24 pesos will remain in force for internal economic transactions.
“
This measure does not affect the functioning of the business sector, the official exchange rate of one for 24
” is maintained for joint ventures, public companies and other financial operations, he detailed.
► To read also:
Faced with power cuts in Cuba, Havana rations its electricity
(With
AFP
)
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