CUC, pesos cubanos

Deadline extended to change CUCs to Cuban pesos

Madrid Spain.- The Cuban government once again extended for 90 days the term to change convertible pesos (CUC) into Cuban pesos in cash.

The measure was approved on May 27, modifying Decree-Law 37 of June 14, 2021 and will enter into force on June 17, the official newspaper reported. Granma.

“The new norm responds to the fact that 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, today they have this currency in their possession in disuse”, indicates the information.

According to the decree, published in the official Gazette of Cuba, with the new term the exchange rate of 24 Cuban pesos will be maintained for each convertible peso.

The Central Bank of Cuba (BCC) has issued Resolution 108 of 2022, which provides for the purchase in the different branches of the freely convertible pesos received through the exchange.

“The bank branches will receive the CUCs, and as a result of the exchange of these by natural persons, they will sell the CUCs received to the BCC,” the BCC specified through Twitter.

monetary unification

In January 2021, as part of the Ordering Task, the Cuban Government began the monetary unification and with it the elimination of the CUC. However, the unification of the currency has not been achieved, but the dollar has increased its value more and more in the informal market.

Added to this is the opening of the Freely Convertible Currency (MLC) stores, established by the regime in October 2019, supposedly to “alleviate the economic crisis in Cuba”, where only Cubans who receive transfers from abroad and that remain open despite the claims of the population.

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