Cuban regime to buy foreign currency near market rates

Move cuts peso’s dollar exchange rate by four-fifths after Cubans protest over shortages

havana cuba

Cuba will start buying foreign exchange from private parties at near-market rates, its central bank announced on August 4.

The central bank established a new official exchange rate of 120 pesos to the dollar, one-fifth of the previous official rate of 24 pesos.

On Twitter, the Central Bank of Cuba said that the rate was applicable “to the population and non-state [sector]”. In an August 3 television appearance, BCC officials said businesses could continue to exchange pesos at the old 1:24 rate

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