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How Will The New Foreign Exhange Market in Cuba Be Implemented?

Aug 19 , 2022

Starting August 4, 2022, the purchase of foreign currency in banks and Cadecas, including the dollar in cash, will begin. Therefore, it should be noted that:

  • For the time being, it is not possible to deposit dollars in cash in the MLC cards, neither to sell foreign currency to the population; according to the Minister of Economy and Planning, the sale of such currencies shall be announced in the near future.
  • The exchange of foreign currency transactions from abroad or accounts in dollars into CUP may be requested.
  • Transactions shall be performed over the bank window, not at ATMs.
  • Electronic exchanges with CUP deposit will have a more favorable exchange rate than those exchanges where cash is received.
  • The exchange rate of the Central Bank will be 1 USD for 120 CUP; however, in practice, the exchange rate will be around 110 CUP per trade margin.
  • Banks’ commercial margins will be between 2 and 8%.

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