Cuba establishes deadline for circulation of the convertible peso

HAVANA, Cuba, Dec 11 (ACN) The convertible peso will no longer circulate 180 days after the beginning of the monetary and exchange rate unification on January 1, 2021, so that after that period the Cuban peso -monetary unit of the Republic of Cuba- will be the legal currency in the whole national territory, with unlimited liberating power and obtained at its nominal value.

The extraordinary Official Gazette of the Republic of Cuba No. 68 published on Thursday Decree-Law 17 regarding the implementation of the process of monetary order, which indicates that during that period the cash held by nationals will be accepted for exchange in the exchange offices and bank branches at the exchange rate established at the entry into force of this decree.

The Central Bank of Cuba also provides that in stores or other establishments previously authorized, convertible pesos shall be accepted for the only purpose of carrying out the transaction and withdrawing it from circulation.

As a result of the currency unification, the exchange rate of the Cuban peso against foreign currencies is devaluated in the legal entities sector and a single exchange rate of the Cuban peso is established for the whole economy.

It also refers that as part of the implementation of the monetary order in the country, the process of correction of relative prices in the legal entities in favor of economic efficiency will be initiated, taking into account the social impacts and the devaluation of the Cuban peso in these entities.