The announcement occurs within the framework of the new exchange rate scheme and the floating exchange rate, in a context of currency shortages and persistent market distortions.
MADRID, Spain.- The Central Bank of Cuba (BCC) advertisement This Monday the creation of a banking channel for the private sector to buy foreign currency officially through the state financial system, a decision presented as part of the adjustments in the country’s exchange rate policy, but which comes in a scenario marked by lack of liquidity, inflation and distrust in official mechanisms.
According to the information released by the Government of Havana, micro, small and medium-sized businesses (MSMEs) and self-employed workers will be able to request the purchase of foreign currency through their commercial banks and tax accounts, without operating in cash. The authorized amount will be limited to a maximum of 50% of the average gross income for the last quarter, a limit that, in practice, conditions access to foreign currency on the previous ability to generate income in pesos.
Until now, the private sector lacked legal access to the official foreign exchange market and depended almost entirely on the informal market, where most of the real operations for the purchase and sale of foreign currency are concentrated. For natural persons, the BCC maintains the current limit for purchasing foreign currency in banks and CADECA, subject to availability and the established shift systems.
The measure is part of the package of provisions approved by the Council of State and published in the Official Gazette, with the declared objective of ordering the use of currency among the different economic actors.
The announcement of the new banking channel occurs in parallel with the implementation of a so-called “floating” exchange rate, recently introduced by the monetary authorities as part of the exchange market reform. This new exchange rate, aimed at natural persons and non-state forms of management, is periodically adjusted according to criteria defined by the Central Bank itself and coexists with other existing official exchange rates.
Although the Government maintains that the floating rate seeks to bring official values closer to market conditions, transparent mechanisms have not been disclosed that guarantee real price formation based on supply and demand, nor is there evidence that it has sufficient foreign currency support. In practice, the informal market continues to mark the main reference for companies and citizens, deepening the gap between official discourse and economic reality.
In this context, the opening of a banking channel for the private sector is seen by analysts as a tacit recognition of the weight of the parallel market, but also as a limited measure, whose effectiveness will depend on the real availability of foreign currency in the state banking system and not only on regulatory changes.
