US EditionCuba Will Have a New Exchange Rate
16 Articles
16 Articles
Chicago Tribune
By ANDREA RODRIGUEZ HAVANA (AP) — Cuba will open its exchange market to a floating rate for peso-to-dollar swaps, authorities announced Wednesday. The decision aims to combat a growing black market for dollars, which is virtually controlling the price of the national currency, both among the general population and emerging businesses. The floating exchange rate will take effect Thursday, and the Central Bank of Cuba (BCC) will set the daily exch…
The measure responded to the existence of multiple exchange rates, a condition that caused imbalances, encouraged informal activity and complicated bank monitoring.
The Central Bank of Cuba introduces a "floating" rate for CADECA, but it is still far from the informal market. The shortage of foreign exchange and mistrust in the Cuban peso keep the economic gap.
HAVANA.- The Central Bank of Cuba (BCC) fixed on Thursday, at its premiere, the new exchange rate - the third official in force - at 410 pesos per US dollar, much closer to the informal market than to the other two rates fixed by the State. This new rate - only for "exporters and other foreign exchange suppliers", as announced by surprise the BCC minister-president, Juan Lilia Delgado, will be "floating", will be modified daily and will have a "…
In addition to the rates of 24 for State enterprises and 120 for tourism, the Government creates a floating rate with the aim of attracting foreign exchange from the informal market
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