This Tuesday, August 23, the sale of foreign currency began in 37 cadecas throughout the country, as part of the implementation of the foreign exchange market. At the Round Table on Monday 22, the Vice Prime Minister and Minister of Economy and Planning, Alejandro Gil Fernández, and the Minister President of the Central Bank of Cuba, Marta Sabina Wilson González, explained the operation of this exchange mechanism that complements the purchase of currencies, initiated on August 4.

Cubadebate visited three Havana cadecas (Mónaco, 23 and J, and 21 and 42) that began selling foreign currency to natural persons this Tuesday.

At the Monaco exchange house, the administrative provincial deputy director of Cadeca S.A. in Havana, Milagros Hernández González, commented that the demand “will always be greater than the supply”, because that establishment sells foreign currency to the extent that it is received.

“The availability we have, that is what is going to be sold to the population,” stressed Hernández González.

The purchase of foreign currency –acknowledged the Cadeca official– was carried out with the aim of “equipping ourselves with the currency to reach this moment”.

Although the workers of the Mónaco cadeca, in Diez de Octubre, were prepared to start operations, and tickets made in the establishment had been distributed to organize the queue, the sale of foreign currency was delayed until 9:20 a.m. due to software problems.

Susana Mérida, the third in line at Monaco, stated that the sale of foreign currency “is a measure that we have been waiting for a long time, because there are really many people on the street selling it at outlandish prices, and we always hope that the State, which the Government, was going to sell it much cheaper”.

The rate for the sale of dollars this Tuesday is 123.6 CUP.

Mérida declared that “I wish they would make it much cheaper, because going from 25 that cost a dollar to now, which is 120, is quite a lot, but it is also more expensive on the street. Since the government didn’t sell it, then you had nowhere to buy it and you had to buy it on the street. And, well, what remedy to buy it here. There is more security.”

She went to the cadeca because she needs to buy dollars to travel to Panama.

The possibility that the coleros control the queue at the Monaco exchange house is another issue that worries Susana Mérida.

“The man who was in front of me did not come to buy, he marked for two people who are the ones in front of me, and I got up at four in the morning to come here. We must take into account the fight against coleros, “she said.

For Adrián Robles, who was waiting to buy euros in order to transfer them to an MLC card, the sale is going to help the value of foreign currency go down in the informal market, but only if that operation is maintained.

“People who are going to leave the country, who need a certain amount of money, are not going to stand in this queue. If you need 10,000, 15,000 or 20,000, you are not going to stand in line, just bring your family”, he commented.

At the exchange house on 23rd and J, in Vedado, the provincial director of Cadeca, Kenia Meza López, said that during the morning “everything has gone very well and as planned, because the information was given to the population with the time, we gave him all the explanation of the currencies we have today and the number of customers we could serve”.

The workers planned to deliver 190 shifts for the day at that establishment.

Estrella Delgado arrived at the Vedado cadeca at five in the morning to buy foreign currency and later transfer it in a bank to an MLC account, in order to purchase basic necessities.

“Regarding the measure, I think it is important that there is a sales capacity for the population, but I think it does not really solve the problem, because there is no correspondence between wages and prices, since there is a lot of inflation in the country. ”, Delgado pointed out.

She also compared the rate of sale of euros (125.1 CUP) with the minimum pension, around 1,500 pesos, and with her salary as a professional, which does not reach 5,000 pesos. “I wouldn’t buy thirty-odd dollars from you,” she said.

The provincial director of Cadeca, Kenia Meza López, referred to the low number of ATMs that worked this day, a situation that affected the speed of service in the three exchange houses visited.

At 23rd and J, two cashiers served the population, however, at the Mónaco cadeca and 21st and 42nd, only one worked.

Meza López said that the cause is the fluctuation of personnel that Cadeca had during the covid.

“Unfortunately, a Cadeca cashier is not trained in a day, but takes preparation. We are working on that, in September there is another course, we have published the call for those interested in occupying the places on the network, but we are working with the tellers that we have at the moment”, she explained.

The cadeca of 21 and 42, in the Playa municipality, distributed 91 shifts before starting the service at 8:30 a.m.

(By Ana Álvarez Guerrero, Darío A. Extremera Peregrín y Abel Padrón Padilla/Cubadebate)

In view of the obstacles created by interventionistU.S. policy toour national banking system’s ability to deposit abroad the cash in U.S. dollars collected on the island, it was essential to make this decision which has generated questions among the population, many of which the BCC has answered on its website.
-What will happen with magnetic cards linked to MLC accounts as of June 21?

These cards will continue to function as they have thus far, with the exception that, as of June 21, it will not be possible to deposit U.S. dollars in cash in these accounts.

-Will transfers from abroad in U.S. dollars continue to be accepted?
Yes, deposits to MLC accounts from abroad, in U.S. dollars or other currencies, will continue to be accepted, as has been the case to date.

-Can transfers continue to be made between MLC accounts?
Yes. The measure does not prevent transfers between MLC cards; they can be made as before, through the channels authorized for this purpose.(Transfermóvil, Enzona, ATMs and bank branches)

-Will it be possible to withdraw U.S. dollars in cash from MLC accounts as of June 21?
Individuals with MLC accounts may continue to make cash withdrawals in U.S. dollars or in any other currency available at thebranch at the time of the transaction.

At any given moment, it is possible thata particular branch may not have in its possession the amount of cash requested in the foreign currency. In this event, the branch will make arrangements to acquire the necessary cash funds requestedas quickly as possible.

-What will happen to U.S. dollar savings accounts; will they be affected by this measure?
U.S. dollar savings accounts will continue to operate as they have to date, with the exception that, as of June 21, it will not be possible to deposit U.S. dollars in cash in these accounts, although deposits in other currencies will continue to be accepted.

-Will it be possible to create new MLC accounts after June 21?
Yes, only cash deposits of U.S. dollars are affected, all other currencies are accepted.

-What options are available to tourists and travelers arriving from abroad with U.S. dollars?
International tourists should be aware that, for the duration of the suspension, U.S. dollars in cash will not be accepted by the country’s banking system. To cover their expenses, they will need to use a currency other than the U.S. dollar.International credit cards that function in the country will continue to operate as before.

-May individuals continue to hold U.S. dollars in cash?
Individuals may keep in their possessionU.S. dollars or any other foreign currency, without restriction.

-May MLC account holders continue shopping with their cards?
Yes. Individuals with MLC accounts may continue to make purchases with the balanceavailableon their cards in the MLC store network.

Will individuals with international cards be able to continue shopping at MLC stores as before?
Yes, Persons who have cards issued by foreign banks operating in Cuba will be able to continue operating as before.

CUSTOMS DUTIES AND SERVICES MAY NOT BE PAID IN US DOLLAR BILLS
In accordance with the measure adopted by the Central Bank of Cuba (BCC), temporarily suspending the acceptance of cash deposits in U.S. dollars as of June 21, the General Customs of the Republic reiterated, on its website, that this provision also applies to the payment of import customs duties and services at borders.

The information published by the agency emphasized that Cuban banking and non-banking financial institutions (including Cadeca money exchanges) will not accept U.S. dollars in cash from natural or legal persons, reiteratingthat the payment of customs duties and services must be made in other currencies accepted by the BCC or with foreign currency creditcards operating in the country.
In order to avoid unnecessary inconveniences, Customs has urged travelers to take the necessary steps to comply with these provisions and exercise their right to import in accordance with legislation currently in effect.

The Cuban government was obliged to discontinuecash bank deposits of U.S. dollars, due to the obstacles created by the U.S. blockade which limit the country’s ability to deposit these bills, collected within national territory,in international banks.
Prepaid cards for international travelers on sale in Varadero and Cayo Coco
In response to requests by international travelers to purchase goods and services atsales outlets that only accept payment through magnetic cards, the Bank of Credit and Commerce has designed and launched prepaid cards, initially only availableto non-resident international travelers.

According to information published on the Cadeca web site, sales of the cards has begun at authorized offices located in the tourist resorts of Varadero and Cayo Coco.

Thesecards, valid for two years, are for exclusive use within national territory and allow for the payment of goods and services at stores affiliated with the country’s foreign currencycommercial network, through POS (Point of Sale Terminals).

According to the Cadeca web site, the cards are not personalized, that is, they will not feature the name of the user printed on the card.A PIN number will be necessary to validate the card and complete a purchase, thus the prepaid cardcan only be used where a POS is available.

Non-resident travelers may acquire cards of 200, 500 and 1,000 USD, by presenting their identification document (passport) and depositing the cash in freely convertible currency. A fee of 5.00 USD will be charged for each card and a receipt issued, which customers should keepin their possession.

These cards do not allow fordeposits or transfers from abroad – nor between similar cards or to other cards operating in dollars. Users are able to check their balanceat ATMs, as well as review recent transactions, change their PIN and withdraw cash in Cuban pesos, at the current exchange rate.

The cards are designed to be purchased with any freely convertible currency accepted at Cadeca money exchanges, although the possibility of purchasing them with U.S. dollars was temporarily eliminated, as of June 21.

(Taken from Granma)