This August 23 begins the sale of foreign currencies on the Cuban exchange market (+ Video) & More Latest News Here

Gil Fernandez recalled that This Tuesday marks 20 days from the start of the purchase of foreign currencyand reminded that it is not a foreign exchange market, as it involves transactions in both directions (purchase and sale).

“It is appreciated that the results correspond to the proposed objectives, to have a level of purchase of the limited foreign currency that enters the country, due to the fact that there is still not a large influx of tourists and due to the effects of blocking remittances” commented the Minister.

“We appreciate that the results correspond to the objective: to have a level of purchase of currencies entering the country, which is still limited due to the fact that there is still not a large influx of tourists and in due to the effects of the blockade of remittances,” commented the Minister.

However, he noted that the purchase “is incomparably superior to what was compared before the measurement”, and pointed out that advantages such as legality in transactions are recognized.

“This validates the step we have taken, because we have integrated a level of foreign currency into the country’s financial system greater than the amounts that were purchased before the purchase decision at an exchange rate of 1×120.

“This is an important step, part of a process, the results of which so far are considered favorable,” he said.

We did not expect people to rush to sell their currencies to banks. We have always said that it is a gradual process, and that one of its motivations is the increase in the supply of Cuban pesos”, which is part of the strategy.

Gil Fernandez admitted that there is still no level of supply, and that the currency is accepted in the country for internal consumption. “Euros can be banked and provide access to goods and services in freely convertible currency; therefore, not all currencies need to be exchanged.

“All the currency that the national financial system buys is not cash in cadecas and banks, because there is a range of transactions that are carried out electronically, including transfers from abroad that are credited to CUP accounts, and transactions via ATMs”.

He recalled that the initial objective of this first stage is to divert to the national financial system a level of currencies which were known to operate on the informal market, resources which the country needs to move forward in the gradual recovery of the economy. ‘economy.

One of the favorable aspects of the measure is the climate of legality that it generates.. “Most people want to operate legally, including foreign visitors. No one goes to a country to commit an illegal action. The same thing happens with Cubans who obtain foreign currency through various means,” the minister said.

“This fight we are waging to revive the economy belongs to everyone. People know that when they make the exchange in a banking institution, they deposit these resources according to the socio-economic development of the country”.

This August 23 begins the sale of foreign currencies in the Cuban exchange market (+ Video)
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