Cuba adjust its financial system to the currency overhaul

Cuba adjust its financial system to the currency overhaul

Business

Prensa Latina

Cuba's financial system is adjusting to the currency overhaul, a process that came into force on January 1st with the elimination of the Cuban convertible peso (CUC).

Also from that day on, an exchange rate of 24 Cuban pesos (CUP) for a dollar was established, but the bank implemented a commercial margin of 2.08 percent for its operations in cash, the President of the Central Bank, Minister Marta Wilson explained on national television.

According to Wilson, the bank will buy each dollar at 23.50 pesos, which benefits the clients, as their previously sales were tagged at 2.75 percent for each unit of currency sold. 

Those who come to exchange CUC for CUP, the exchange rate remains at 24 pesos, the Minister pointed out.

In December, after the official announcement of the entry into force of the so-called currency ordering program, public financial actions increased in the island.

Only in ATMs there were 15 million operations, a figure much higher than in previous years.

In the first days of the year, Cubans are adjusting to this new reality, with a rise in their salaries and also with new prices in the retail trade.