Cuban banks and Exchange Houses begin purchasing foreign currencies

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

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

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

For its part, the Metropolitan bank, exclusive for the city of Havana, enabled a group of branches to carry out commercial operations to purchase foreign currency.

BANDEC, present in the 15 provinces and the Special Isla de la Juventud municipality, announced some of the offices that starting this Thursday will buy their foreign currencies from Cubans.

Residents of Las Tunas must carry out the commercial operation, for the moment, in the branches located on 30 de Noviembre Avenue in the provincial capital, and in the Amancio municipality.

In Granma, the exchange was authorized in the offices of Río Cauto, Bayamo, Guisa and Pilón. In the rest of the branches in this province, cashless exchanges can be made.

For its part, the Isla de la Juventud special municipality 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.

This Wednesday's announcement, whichwas advanced during the last session of the Cuban Parliament, generated tension among citizens because the government set an exchange rate similar to that which exists in the informal market.

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

"When purchasing demand increases, and sales become 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, as their communist managers," one person wrote on Facebook.

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

"A professional who earns 4,500 CUP is left in misery working an entire month for only $37.50. If that is not exploitation, someone explain it to me, please," reflected another Cuban.