The Council of State approved extending the exchange of convertible Cuban pesos (CUC) in cash for Cuban pesos (CUP) for a period of 90 days, according to official media on the island.
“The complex situation, generated by the pandemic, prevented a considerable number of people from being able to carry out this operation within the previously established time frames and, therefore, they currently have this disused currency,” according to a statement. note published by the official newspaper Granma.
According to the media, with the new term, the exchange rate of 24 Cuban pesos will be maintained for each convertible peso. In this way the Decree-Law 62signed on May 27 and published this Thursday by the official Gazettemodifies Decree-Law 37 of June 14, 2021.
? ATTENTION ❗❗❗ The BCC informs ?
Decree-Law 62, of 05/27/2022 establishes a new term of 90 days, counted from the date, so that the cuc in cash held by people is accepted to be exchanged in banks for Cuban pesos, at the 24×1 exchange rate.@bandec97 pic.twitter.com/UYbEdqhNA0— bandecmatanzas (@bandecmatanzas) June 3, 2022
The Decree-Law previously in force was adopted as a complement to the process of monetary unification that according Granma«it allowed to solve the problem of the double currency, as well as to eliminate the obstacles that it represented for the economic development of our country».
The elimination of the CUC was among the objectives of the Ordering 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 embargo sustained 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.
Cuba: validity of bank accounts in CUC extended until December
The source reminds that Decree-Law 62 will enter into force 15 days after its publication in the official Gazette which, in this case, is dated June 2, 2022.
In turn, the Central Bank of Cuba issued Resolution 108 of 2022, which provides that this entity will buy from the different branches the convertible pesos received through the exchange in cash made in the new term, with strict observance of the regulations in force for their withdrawal from circulation.
