The Cuban government announces a "resizing" to control the currency market.

The Cuban Prime Minister Manuel Marrero Cruz stated that the government does not set an exchange rate "overnight" because it would devalue the Cuban peso and bring an undesirable impact on inflation.

Marrero appeared this afternoon before the National Assembly of People's Power, where he expressed that the Government aspires to have "someday" a foreign exchange market that allows the sale of currencies in a stable manner.

The high-ranking official announced that steps have already been designed to establish a new exchange rate in the country, without mentioning the failure of the exchange rate for the purchase of foreign currencies at a rate of 1x120 imposed in August 2022, which never worked, especially because the government was selling a portion of the purchased currency, while people prefer to sell their foreign currency in the informal market, where it is worth three times as much.

Before the members of Parliament, Marrero mentioned that there will be a new resizing of the foreign exchange market, but warned that under the current economic conditions, it will be implemented "very gradually and with great care."

The goal, as stated, is to gradually reduce the exchange rate gap that exists in the economy, but never to "go straight to a new exchange rate overnight." The reason, as they want to make people believe, is that there would be a devaluation of the Cuban peso and an undesired impact on inflation, since prices would rise, but the truth is that the government does not want to release the few foreign currencies it has.

The regime has had to admit the failure of the official exchange rate it established for currencies as part of the economic reorganization, but has not yet found a way to determine a rate that eliminates the informal currency market.

Last April, the prime minister urged to find ways to eliminate the exchange rate duality (official rate and informal rate) and the illegal exchange rate, acknowledging that these are issues of great concern to the people "due to their impact on inflation and price formation."

"Among the specific proposals we are going to make is the determination of the exchange rate. That is a key issue, one of the matters that is exerting even more pressure, especially the elimination of exchange rate duality, starting with the official rates of 24 and 120, and seeing where we are headed," Marrero Cruz stated.