The Prime Minister Manuel Marrero Cruz announced this Wednesday before the National Assembly of People’s Power that the first private exchange house in Cuba is ready to begin operations as a pilot project, following the approval of the regulatory framework that authorizes this type of entity under the license of the Central Bank of Cuba.
Regarding currency transformations, Marrero assured the deputies gathered at the Palace of Conventions in Havana: "The regulatory framework for the authorization, under the license of the Central Bank of Cuba, for private exchange houses has been approved. The first private exchange house is ready to begin operations as a pilot project."
The leader did not specify the name of the entity, its owners, the location, the rates that will be applied, nor the exact date on which services will begin.
This marks an unprecedented step in decades within the Cuban financial system, where the formal exchange of currencies had remained in the hands of state entities, primarily the CADECA network and commercial banks.
The opening of private exchange houses was included in the package of 176 transformations approved on June 18 during an extraordinary session of the National Assembly.
The program also includes greater participation of private capital in banking activities, new private remittance operators, and the creation of a real-time digital exchange market with authorized operators.
"There is an issue that with these transformations we must continue to increase the measures and requirements to resolve it once and for all, and that is the one discussed this morning regarding the problems associated with cash, which primarily affects the most vulnerable people," warned the head of government.
The prime minister also questioned those who refuse to accept payments by transfer, charge commissions for receiving them, or demand high-denomination bills: “There needs to be more accountability, more confrontation, and measures that correspond to the seriousness of this issue.”
Marrero warned that the process is now entering its "most important and difficult" phase: ensuring the effective implementation of the measures, assessing their real impacts, and timely correcting any deviations that arise.
The announcement comes amid a severe currency crisis. The dollar was trading at around 673 Cuban pesos in the informal market this Wednesday, compared to an official rate of 601 CUP per dollar in Segment III, after reaching a peak of 695 CUP in June.
In that context, Marrero denounced the practices of economic actors that, he claimed, exacerbate the cash shortage and particularly harm the most vulnerable individuals.
This reality has been documented in various parts of the country. In Santiago de Cuba, for example, informal commissions of up to 40% have been reported to convert bank transfers into cash.
In the general balance presented to the deputies, Marrero reported that out of the 121 transformations planned for June and July, 110 had already been approved, representing 90.9% of the total planned, while five others were progressing partially.
Among the highlighted changes is Decree 160, published on Tuesday, July 28, and scheduled to take effect on August 4. The new regulation reduces the number of prohibited or conditioned activities for the non-state sector from 125 to 79, by removing restrictions on 46 activities and partially modifying another 36.
The Government also reported that Cuba now exceeds 15,000 authorized private small and medium-sized enterprises and non-agricultural cooperatives.
The resizing of the state apparatus will involve, according to the official media Cubadebate, the elimination of more than 92,000 positions in the ministries of Public Health, Education, Culture, and Sports.
The government claims that most of those positions are vacant, but did not specify how many are currently occupied or how many workers might be affected.
Marrero acknowledged that prolonged blackouts remain one of the country's main problems. According to figures presented by the Government, 1,464 MW of capacity have been installed through renewable sources, accounting for 13.8% of national electricity generation.
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