Questions and answers about the foreign exchange market for the population and non-state sector

1. When do resolutions No. 126/2022 and No. 127/2022 of the Central Bank of Cuba related to the foreign exchange market come into force?

Both resolutions entered into force as of August 4, 2022.

2. Who participates in the foreign exchange market?

Individuals, self-employed workers (TCP), individual agricultural producers, artists and creators, non-agricultural cooperatives, micro, small and medium-sized private companies participate in the exchange market.

3. What is the new official exchange rate of the USD established by the Central Bank for the population and non-state sector?

The new official exchange rate established by the Central Bank for all operations in the population and non-state sector is 120 CUP x 1 USD.

4. Why was this exchange rate established?

With this rate, a price that already exists in the economy is being recognized 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.

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.

5. How will the purchase of USD be made by the banks and cadecas?

The purchase of USD by banks and cadecas at this time is made in cash at the window. You can also make over-the-counter movements from your foreign currency or MLC accounts to CUP accounts and withdraw cash from them.

6. What are the commercial margins established by the banks?

- For the purchase of foreign currency in cash at bank windows and cadecas is 2.00% (before 2.0833%).

- For the purchase of foreign currency in cash at ports, airports and hotels it is 2.00% (previously 3.00%).

- For the purchase of USD in cash it is 8.00%.

- For the purchase of foreign currency in cash on holidays and holidays it is 3.00%.

- For the purchase of USD in cash on holidays and holidays it is 9.00%.

7. What is the commercial margin for transfers from abroad?

The commercial margin for transfers from abroad is 0.00%.

8. What is the commercial margin for purchases or withdrawals in CUP from international cards?

The commercial margin for purchases or withdrawals in CUP from international cards is 0.00%.

9. What is the commercial margin for service payments in CUP from foreign currency accounts?

The commercial margin for service payments in CUP from foreign currency accounts is 0.00%.

10. What is the commercial margin for transfers from foreign currency accounts to CUP accounts?

The commercial margin for transfers from foreign currency accounts to CUP accounts is 0.00%.

11. What is the commercial margin for withdrawing cash in CUP from a foreign currency account?

The commercial margin for withdrawing cash in CUP from a foreign currency account is 1.00%.

12. What is the commercial margin for the deposit of foreign currency in cash in accounts in CUP?

The commercial margin for the deposit of foreign currency in cash in accounts in CUP is 1.50%.

13. What is the exchange rate that will be applied to Certificates of Deposits in MLC in case you want to withdraw CUP?

In the event that you wish to withdraw all or part of the balance available in your Certificate of Deposit in MLC, the exchange rate of the day you perform the operation will be taken as a reference.

14. Can MLC be extracted from Certificates of Deposits?

MLC cannot currently be extracted from Certificates of Deposits.

15. What is the exchange rate that is applied to the accounts in CUC of collaborators abroad?

The exchange rate that applies to 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.

16. Is it possible to carry out foreign exchange operations through electronic platforms, ATMs and Point of Sale Terminals at the new exchange rate?

During the month of August, foreign exchange operations through electronic platforms, ATMs and Point of Sale Terminals will be included at the new exchange rate. This will be informed in a timely manner by the Central Bank of Cuba as soon as the technological requirements are guaranteed.

(Taken from its official site: https://www.bc.gob.cu/)