What is the exchange rate that applies to the accounts of Cuban collaborators abroad?

With the new exchange rate for buying foreign currency in Cuba recently adopted by the government (1 USD = 120 CUP), many are wondering what will happen to the accounts of Cuban collaborators whose savings were in convertible pesos (old CUC) .

According to the latest updates of the exchange rate of the Central Bank of Cuba, the savings accounts of these professionals who carry out "mission" outside the island, will not benefit from this higher exchange rate. For them it will continue to be the same as 24.

"The exchange rate that applies to accounts in CUC of collaborators abroad is 1 CUC x 24 CUP. In the case of the accounts that have the 30% discount, they keep the profits". they needed from the Cuban banking official.

As you know, since last August 4, the new official exchange rate established by the Central Bank was aimed at all operations in the population and non-state sector of 120 CUP x 1 USD, but they did not include the case of col· workers

Those included are natural persons, self-employed workers (TCP), individual agricultural producers, artists and creators, non-agricultural cooperatives, micro, small and medium-sized private enterprises.

EXCHANGE RATE: ACCOUNTS OF CUBAN EMPLOYEES AND MORE

According to the Central Bank of Cuba, this new exchange rate was established to recognize a price that already exists in the national economy and that reflects a relationship between the supply and demand of currencies.

"The actual flows of the foreign exchange market, once it is operating in both buying and selling, will allow more precisely to determine the equilibrium value of this rate," they added in an analysis of the biggest concerns of the population .

"An administered 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 foreign exchange market", they concluded.

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