The Currency Exchange Houses S.A. (CADECA) of Cuba deemed as "false" information circulated on social media in recent days indicating that as of this May 27th, the branches of that entity would start selling dollars at 375 pesos.
New service at CADECA. Sale of USD for the population with new exchange rates. As of May 27, a new service will be implemented at CADECA offices. USD sale: 375 CUP," said the announcement in question, which CADECA denied on Facebook.
"All information received about our organization or its services from a source other than our official channels is completely false and lacking in foundation," warned the state entity, which did not provide further details about the unofficial channels where the hoax was spread.
They don't have to refute anything, I know from the start that it's false. Imagine, selling USD in a country that doesn't even have enough money to keep its power plants running. I know it's a meme, don't worry about it," activist Ernesto Almaguer Díaz replied ironically in the comments section.
"It is known to be false. Whoever believed that is the same as those who thought the dollar would be set at 25. What a way to eat banana peel thinking it's ropa vieja!" "No, calm down, CADECA. Everyone who lives in Cuba knows that this is false," wrote three other internet users who claimed they did not believe the rumor.
"I don't know why they say it's fake when it's on its way," another commentator stated.
The Cuban government began selling foreign currency to the population in August 2023 amid criticism, long lines, and with a maximum purchase limit of 100 units, provided that the branch had cash available.
Currently, the process of purchasing dollars at CADECA is still limited to only 100 units, and a virtual queue must be joined for months on the government platform Ticket.
The official exchange rate is set at 110 CUP for the purchase of dollars and at 123.60 CUP for the sale, as CADECA operates with a commission on the rate established by the Central Bank of Cuba (120×1).
In recent months, the Cuban government stated that specific proposals are being studied to determine the exchange rate and eliminate the exchange rate duality and the illegal exchange rate.
At the beginning of April, Prime Minister Manuel Marrero Cruz admitted during a year-end review meeting of the Central Bank of Cuba (BCC) the failure of the official exchange rate he established for currencies as part of the "economic and monetary restructuring."
Marrero Cruz urged to seek formulas to eliminate the exchange rate duality -official rate and informal rate- and the illegal exchange rate, issues that he acknowledged are of great concern to the population "due to their impact on inflation and price formation".
However, the prime minister did not explain what "concrete proposals" the government has to determine an official exchange rate that eradicates the informal currency market in the country, nor the measures to allow the economy to be revitalized and eliminate what the official party describes as "distortions."
Rumors of the sale of dollars at CADECA for 375 CUP have taken place amid a significant collapse in the informal price of foreign currencies in Cuba.
The dollar reached 395 pesos in the informal market, a price it reached on May 9th.
The US currency remained at that price for a week and began to fall on May 16, a decline that has not stopped since then.
What do you think?
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