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The Central Bank of Cuba (BCC) announced the launch of a new official currency exchange market that will gradually allow the legal buying and selling of foreign currencies by the private sector and the general population.
Announced as part of the Macroeconomic Stabilization Program driven by the Government to “correct distortions and revitalize the economy,” the measure includes the introduction of a new official exchange rate, the value of which is published on the BCC website.
Ian Pedro Carbonell, director of Macroeconomic Policies at the Central Bank, stated that non-state management entities will be able to purchase foreign currency for an amount equivalent to up to 50% of their average gross income for the last quarter.
“Non-state management forms that did not have legal access to foreign currency purchases will now be able to access the market through their commercial banks, from their bank accounts,” he explained.
The self-employed individuals “will have access to the currency exchange market without the need to operate with cash, as transactions will be conducted from tax accounts,” the official stated.
Individuals will be able to sell foreign currency at banks and exchange houses (CADECA), with a rate that the BCC describes as "more attractive" and without the risks associated with the informal market, the regime claims.
For purchases, the limit of up to 100 dollars per transaction remains in effect, using the current appointment system.
According to Cubadebate, the measure aims to channel operations that are currently mostly conducted in the informal market into the financial system.
Carbonell emphasized that the main objective is to organize foreign exchange flows, strengthen the role of banks as intermediaries, and create an "official, transparent, and legal" market that reduces the volatility and speculation affecting both households and businesses.
Although the government insists that the ultimate goal is to establish a single exchange rate, it acknowledges that Cubans do not have much faith in the regime's initiative.
The authorities acknowledge that the new currency exchange market will not immediately eliminate the informal market; they are optimistic that it will help regulate currency flows, boost exports, and create a more favorable environment for investments and businesses.
The major uncertainty remains the exact value of the new rate, which will be officially announced in the coming hours and will determine the real impact of the measure on the pockets of Cubans, in a context of high inflation, depressed salaries, and a profound economic crisis.
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