On December 28, the deadline for Cubans to be able to change the accounts they have in convertible pesos (CUC) will definitely expire, a measure whose application has been postponed three times since it was approved in December 2020.
Through its website, the Cuban Central Bank reminded the entire population that after the appointed day, the provisions of Resolution 74/2022 of the Minister of that financial institution, published in the Official Gazette No. 24 Extraordinary of March 30, 2022, in accordance with a note published by the official newspaper Granma.
?The Central Bank of Cuba reminds you that, on December 28, the deadline for changing the accounts in convertible pesos of natural persons expires. ???https://t.co/bMr18Wi3bH@marta_wilson@mayobrebcc@aquinbeta@RosaCantillo8@queiporuiz@BarbaritaAguila pic.twitter.com/cOWclMj7As
— Central Bank of Cuba (@BancoCentralCub) December 23, 2022
This norm establishes the procedures to eliminate the circulation of convertible pesos, so that the holders of these accounts will be able to decide until next December 28 if they convert their balance totally or partially, to Cuban pesos, at the exchange rate of 24 pesos. Cubans (CUP) for one convertible peso (CUC), or to a Certificate of Deposit in US dollars or euros with specific characteristics.
The accounts in CUC of the clients who do not present themselves to make the change before the mentioned date at the end of the opening hours to the public of the bank branches, will be automatically converted to Cuban pesos, at the exchange rate of 24 CUP for 1 CUC, in the modality and term originally contracted, adds the publication.
In the case of CUC accounts supported on magnetic cards, the population is informed that at the end of the established period, the automatic conversion process will be carried out, which due to its characteristics, will be carried out between 4:00 PM on December 28. and 3:00 PM on December 29, 2022.
The note clarifies that in this period it will not be possible to carry out electronic payment operations through these cards. At the end of this process, they would return to operating normally, only with their balance converted to CUP at the previously specified exchange rate.
The elimination of the CUC was among the objectives of the Sorting Task that the Government of the Island designed to try to solve the acute economic crisis caused, among other causes, by an extremely centralized model and the tightening of the sanctions imposed by the different US administrations, a situation aggravated by the impact of the COVID-19 pandemic .
However, the Cuban authorities themselves have recognized that several of the measures promoted by the strategy have not had the expected effect on the national economy and, therefore, have not caused well-being in the population.
