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What is the exchange rate that is applied to the accounts of Cuban collaborators abroad?

With the new exchange rate for the purchase of foreign currency in Cuba recently adopted by the government (1 USD = 120 CUP), many wonder what will happen to the accounts of Cuban collaborators whose savings were in convertible pesos (old CUC).

According to the latest updates of the exchange rate of the Central Bank of Cuba, the savings accounts of these professionals who fulfill a “mission” outside the island will not benefit from that higher exchange rate. For them it will remain the same as 24.

“The exchange rate that is applied to the accounts in CUC of collaborators abroad is 1 CUC x 24 CUP. In the case of accounts that have the 30% discount, they maintain their benefits”, they specified from the official status of Cuban banking.

As is known, since last August 4, the new official exchange rate established by the Central Bank was directed at all operations of the population and non-state sector of 120 CUP x 1 USD, but did not include the case of collaborators.

Those included are natural persons, self-employed workers (TCP), individual agricultural producers, artists and creators, non-agricultural cooperatives, micro, small and medium private companies.

EXCHANGE RATE: CUBAN EMPLOYEE ACCOUNTS AND MORE

According to the Central Bank of Cuba, this new exchange rate was established to recognize a price that already exists in the national economy and that reflects a relationship between the supply and demand for foreign currency.

“The real flows of the foreign exchange market, once it is operating both in the purchase and in the sale, will allow the equilibrium value of this rate to be determined with greater precision,” they added in an analysis of the greatest concerns of the population in this regard.

“A managed exchange rate regime will be established. The established rate can be modified by the Monetary Policy Committee of the Central Bank of Cuba depending on the conditions of the exchange market”, they concluded.

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