The Central Bank of Cuba (BCC) reported that as of this Tuesday, August 9, operations began at ATMs and other entities that offer products and services in Cuban pesos (CUP,) as of the update of the exchange rate established with respect to the different currencies.
Transactions with the new conversion rate will be available from now on in banks, exchange houses (Cadeca) and other establishments, in accordance with the explained through national television by the entity’s minister president, Marta Sabina Wilson González, according to a note published by the official site Cubadebate.
? Informative Note from the Central Bank of Cuba #CubanBankers #FinancialEducationForAll#SomosLaBancaHacemosNacion@marta_wilson @mayobrebcc @AlinoKaterine @aquinbeta @RosaCantillo8 @AintzaneDC @GarridoYaisel https://t.co/hRuGUQxXkQ
— Central Bank of Cuba (@BancoCentralCub) August 9, 2022
Through these electronic payment channels, operations can be carried out with the RED system cards associated with the products in freely convertible currency (MLC), issued by the Banco de Crédito y Comercio, the Banco Popular de Ahorro and the Banco Metropolitano, adds the information .
Cards of this type associated with legal entities of non-state forms of management are exempt from this possibility, as established in Resolution No. 222 of September 6, 2021 of the Central Bank.
The bank also states that through the Visa and MasterCard cards that are accepted in the country, it will be possible to withdraw CUP at ATMs, as well as buy products and pay for services in stores authorized in this currency.
The BCC “continues to work on the implementation of other options in ATMs and other electronic payment channels, so that the national payment system has operations with the new exchange rate incorporated,” says the note reviewed by Cubadebate.
In the midst of a growing inflation In the country, the Cuban government announced new rules for the state exchange market, in an attempt to stop the spiral of prices reached by foreign currencies, mainly the dollar and the euro, in the informal market.
Announcing the measure, Alejandro Gil, head of the Minister of Economy and Planning (MEP), explained that for the moment the State would only carry out foreign exchange purchase operations, while sales to the population remained suspended. Although without establishing approximate dates, he said that this possibility should be implemented in the future.
Which the new exchange rate was set at 120 CUP per US dollar, although with a commercial margin for the bank. In this regard, Gil pointed out that the new exchange reference would not affect the operation of the business sector, where the exchange rate will continue to operate at 24 CUP per dollar.
