Cuban banks and exchange houses begin purchase of foreign currencies.

The Metropolitan Bank (BANMET) and the Credit and Commerce Bank (BANDEC), as well as the Currency Exchange Houses (CADECA), announced the branches available for the sale of foreign currency to the Cuban government, following the announcement made this Tuesday by the Minister of Economy Alejandro Gil Fernández.

For the moment, the government will only buy foreign currencies at an exchange rate of 120 CUP for 1 USD, and promised that later they will allow the sale of foreign currencies to the population, although it did not specify when.

CADECA will enable all its branches in the country, including those located in hotels, airports, and customs, according to a post on its Twitter account.

For its part, the Metropolitano bank, exclusive to the city of Havana, opened a group of branches to carry out commercial currency exchange operations.

BANDEC, present in the 15 provinces and the Special Municipality of Isla de la Juventud, announced some of the offices that will start buying foreign currencies from Cubans this Thursday.

Residents of Las Tunas will have to carry out commercial transactions, for the moment, at the branches located on 30 de Noviembre Avenue in the provincial capital and in the municipality of Amancio.

In Granma, exchanges were authorized at the offices in río Cauto, Bayamo, Guisa, and Pilón. In the rest of the branches in this province, exchanges can be made without cash.

For its part, the special municipality of Isla de la Juventud will provide the service at the branch on José Martí Street and in Cayo Largo del Sur.

The rest of the provinces have not been announced by the Cuban banking institution.

The announcement this Wednesday, which was previewed during the last session of the Cuban Parliament, generated tension among citizens because the government set an exchange rate similar to that in the informal market.

Some interpret this measure as a clear intention to capture all foreign currency; however, by not allowing the sale of dollars or other currencies yet, they will continue to favor inflation and illegal trade.

"When the demand for buying rises and the sale is scarce, what happens? Those who need to buy dollars raise the purchase price, and thus the informal market will always continue to be the true market of Cuba. The state economy is mediocre and false, like its communist leaders," wrote a person on Facebook.

"There is not a single measure that makes people happy; they always go against us and in favor of their own pockets," lamented another internet user.

"A professional who earns 4,500 CUP ends up in misery working all month for just 37.50 dollars. If that isn't exploitation, please someone explain it to me," reflected another Cuban.