We clarify the most common doubts

Since last August 4, 2022, a The new exchange market in Cuba to Selling Dollars and Other Currencies the state by the population.

In addition, on Tuesday, August 9, a Exchange operations at ATMs and point-of-sale terminals, as well as bank windows and cadecas.

Resolutions No. 126/2022 and No. 127/2022 of the Central Bank of Cuba relating to the foreign exchange market contain a lot of information, so here we present to you a section of questions and answers To clarify the doubts you may have about this. Join us!

What is the official exchange rate for the US dollar and who has access to selling it?

Procedures approved for selling US dollars to the country are directly included Population and the non-governmental sector.

The new foreign exchange market targets individuals, artists, self-employed creators, private micro, small and medium enterprises, individual agricultural producers, and non-agricultural cooperatives.

For these sectors, the exchange rate is 120 CUP x 1 USD, a figure obtained Profit margins applied by banks.

What are the trade margins for face-to-face and electronic operations?

Yes good The official price is 120 cups x 1 USDBanks operate with a commercial margin that varies according to the type of branch and the operation executed.

Depending on where the sale is made, the margin is:

  • Forex in cash in bank windows and cadecas 2.00% (before 2.0833%).
  • Foreign exchange in cash at ports, airports and hotels 2.00% (previously 3.00%).
  • Cash in US dollars, from 8.00%.
  • Foreign exchange in cash on holidays and holidays 3.00%.
  • Cash in US dollars on holidays and holidays, from 9.00%.
  • USD for transfers from abroad 0.00%

In practice, this means that when you sell 1 USD in cash to any bank in Cuba, the official exchange rate and then the trade margin will apply. In this specific example, you will get 110.40 CUP after applying the 8% margin.

Is there a margin if I want to make transactions between foreign currency and CUP accounts?

In most cases, there is no coding. For example, to withdraw money in CUP from international cards, this is 0.00%.

Other operations have a margin defined by BCC. Here you have the potential list of these and their trading margins.

  • CUP withdrawals or international card purchases: 0.00%
  • Transfers from MLC accounts to accounts in CUP: 0.00%
  • Service payments in CUP from foreign currency accounts: 0.00%
  • CUP cash withdrawal from foreign currency accounts: 1.00%
  • Deposits in foreign currencies, cash in accounts at CUP: 1.50%
  • Offshore collaborators accounts: 1 CUC equals 24 CUP. Accounts that have a 30% discount maintain this requirement.

What about MLC operations then?

Although the sale of the US dollar and other currencies of the country has already been approved, Unable to extract MLC of Certificates of Deposit for current use in the chosen currency.

Yes, it is possible to make a transfer and extract the equivalent in whole or in part in CUP from MLC in Certificate of Deposit. The exchange rate for this operation will be in effect on the day it is performed.

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