Cuba will buy dollars for a value 5 times greater than the official exchange rate

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Cars drive along a street in Havana on August 3, 2022.
Cars drive along a street in Havana on August 3, 2022.| Photo: EFE/ Ernesto Mastrascusa

Cuba will buy from this Thursday (4th) the American dollar in cash from individuals at an exchange rate of 120 pesos per unit, five times the official rate.

This is a “first step” so that, in the future, the state implements a foreign exchange market in which it can also sell foreign currencies, as informed the Minister of Economy, Alejandro Gil, in a speech shown on state television.

Gil did not clarify when the government will start selling foreign currency, but said that this will occur when “there are conditions for buying and selling”.

In this way, the Cuban government seeks to correct the disparity between the official exchange rate, of 24 Cuban pesos to the dollar, and the more than 110 pesos charged for the American currency in the informal market.

“The strategic objective is that we operate the economy in national currency, but with real purchasing capacity”, added the minister.

The purchase will be available at airports, hotels, banks and state exchange offices.

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