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Cuba will begin tomorrow to buy dollars at 120 pesos and other currencies

We are going to start the purchase of foreign currency by the state. And we are also going to sell foreign currency, we are ensuring it, but it will be later when we have availability.

The information was released at the Round Table, where the Minister of Economy and Planning, Alejandro Gil Fernández, and the President of the Central Bank of Cuba, Marta Wilson González, appeared.

“We are not talking about the reactivation of the foreign exchange market yet. This will happen when we also sell currencies, now we are going to start with the purchase. Starting tomorrow we are not going to sell, we are only going to buy. The sale will be later and of course we will inform you, “said Gil.

He also said that, at the moment, it will not be possible to make deposits to cards in MLC with US dollars. A measure widely expected by the people.

According to the holder the exchange rate of $1.00 USD = $24.00 cup remains in the business sector. “Then it will be time to reach a single rate throughout the country, but that would already be a point B,” he assured.

Starting this Thursday, August 4, 2022, it will be possible to sell US dollars throughout the country or to banks and Exchange Houses (CADECA) throughout the country, including airports. Something that until today was impossible, due to the difficulties in managing that currency, according to the explanations of the Cuban government.

120 pesos: new exchange rate in Cuba for the purchase of dollars

The president of the Central Bank of Cuba, Marta Wilson González, referred to the new exchange rate, which, as she explained, was decided taking into account that it should be more attractive for sellers of dollars and other currencies that go to state institutions. Therefore, it has to be higher than the current purchase rate of $24.00 pesos per dollar.

Tomorrow people will be able to sell to banks through transfers they receive from abroad, as long as the amount is credited to the accounts in national currency. Also transferring from the cards in MLC, or doing it in cash.

“It is only about sales at windows and I make the alert, for now the ATMs will continue to change at a rate of 1 for 24”, clarified the president of the BCC.

The network of bank branches that will begin to buy foreign currency will be informed in due course.

From the study, we have considered that the exchange rate of 120 Cuban pesos per dollar is the most appropriate. However, this is the rate of the Central Bank, but the commercial banks will be able to change it daily, and having their own margins. In other words, in practice the banking entities will pay less convenient or lower amounts. The dollar will be bought exactly at $110.40 pesos, after the bank’s commercial margin is applied.

Will the price of the dollar rise in Cuba?

The price of the dollar at $120.00 Cuban pesos seeks to capture a greater volume of foreign currency by the state. But one would have to ask to what extent this measure could further increase the purchase offers in the informal market, if they seek to be more competitive than the banks and cadecas.

In other words, from now on the informal market could increase the value of the dollar and other currencies, with the aim of continuing to attract foreign currencies. And not that these go to the coffers of the government. For example, if starting tomorrow the informal market starts to pay 130 pesos per dollar, the vendors will still prefer to sell them to individuals than to the state.

Exchange rates for other currencies in Cuba

NAME INITIALS NEW RATE
NEW MEXICAN PESO MXN 5.79
POUND STERLING GBP 146.09
AMERICAN DOLLAR USD 120.00
CANADIAN DOLLAR CAD 93.41
SWISS FRANC CHF 125.47
EURO EUR 122.14

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