After visiting more than four banks, Marcial was able to launch this Tuesday afternoon the new exchange rate for the purchase of foreign currency that has come into force this Tuesday for ATMs in Cuba. With the Visa card sent to him by his daughter, his resident in Madrid, the retiree obtained 1,000 pesos at an exchange rate of 118.34 for each euro, commission included.
The difference with the previous change is not a small thing. Marcial had stopped using the Spanish card financed by his daughter, because the official rate of 24 pesos for every dollar that was in force until last August 4 “was a scam” and he preferred to ask her to send him the remittance in cash with some agency to then sell the euros on the informal market.
Now, the retiree assesses whether to maintain the informal path or this other one. “The new rate isn’t bad, but most of the ATMs I found today weren’t working. In the black market, the money changer doesn’t have a schedule or a calendar. Whenever you call him, he buys the euros.”
In the same row as Marcial, there were several customers who used their national card in freely convertible currency (MLC) also to withdraw Cuban pesos with the new exchange rate. “For 1,000 CUP that I asked the cashier for, he deducted 8.33 MLC from my account,” confirmed a young woman who inserted a Banco Metropolitano currency card into the device.
“On the black market, the money changer has no timetable or calendar. Whenever you call him, he buys the euros”
The measure came into force on August 9, when the Central Bank of Cuba issued an informative note announcing that Cubans could now exchange currency at ATMs, following the new provisions announced in early August. The change can also be made in the network of bank offices, the Cadeca (exchange houses) and at points of sale that offer their services in Cuban pesos.
On August 4, Economy Minister Alejandro Gil Fernández announced that the government would start buying the dollar at 120 pesos. “We are going to start with the purchase of foreign currency, of all currencies including the dollar in cash higher than today’s exchange rate,” he said during the Round Table television program.
He added that some banks and exchange houses would be enabled for this purpose, but that the deposit of foreign currency in cash is not authorized at the moment.
According to the note from the Central Bank, users will be able to carry out their operations using “RED system cards associated with MLC products”, issued by Banco Popular de Ahorro and Banco Metropolitano.
It will not be possible to exchange currency from those cards “associated with legal entities of non-State Management Forms” (private sector), as defined by resolution 222 of the Central Bank of Cuba. However, it will be possible to extract Cuban pesos from Visa and MasterCard cards – with the exception of those issued by US banks – as well as the purchase of products and services in establishments that accept that currency.
Most of the users were not there to exchange currencies, but for the usual operations of obtaining pesos or collecting salaries.
“Work continues on the implementation of other options in ATMs and other electronic payment channels, so that the National Payment System incorporates operations with the new exchange rate,” the note concludes.
The reporters of this newspaper toured the streets of Havana as soon as the Central Bank statement was published to check if the new exchange system was in operation. A long queue of customers waited in front of the tellers of the Cuatro Caminos market, recently installed. A message appeared on the screens of the machines indicating that they were “out of service” and inviting the user to go “to the nearest ATM”.
However, most users were not there to exchange currency, but for the usual operations of getting pesos or collecting salaries.
Those who wanted to benefit from the new exchange rate had to deal with many difficulties this Tuesday: in addition to numerous connection failures, the banks’ own staff did not have information about the new rules and did not know how to help users make your operations.
________________________
Collaborate with our work:
The team of 14ymedio is committed to doing serious journalism that reflects the reality of deep Cuba. Thank you for joining us on this long road. We invite you to continue supporting us, but this time becoming a member of our journal. Together we can continue transforming journalism in Cuba.
