As of tomorrow 4 August 2022 Banco Central de Cuba will set the buying rate for U.S. dollars at 120 pesos, instead of the previous official rate of about 24 pesos. The new buying rate is close to the one available at the parallel market.
The new rate will be available to individuals selling most major currencies, including U.S. dollars. The free conversion from pesos to foreign currency will not yet be available.
This is a first step to reestablish a free currency market.
Of course a market can only be “free” when conversion of local to hard currency is easily available. The gap between the “free” and the informal rates will depend on how easy it is to acquire foreign currency at the official rate.
Courtesy: Gabriel’s Numismatic Market, LLC
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