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January Thursday

Cuban Minister of Economy highlights treatment of accounts in CUC

HAVANA, Cuba, Jan 8 (ACN) Cuba’s Economy Minister Alejandro Gil Fernandez highlighted on Twitter the treatment to be given by the Central Bank of Cuba to all accounts in Cuban Convertible Pesos (CUC) of individuals and is part of the implementation of the re-ordering task, which has been in place in the country since January 1.

The Central Bank of Cuba (BCC) reports that since January 1 of this year, a group of accounts has been automatically converted to Cuban pesos (CUP), at a rate of one CUC per 24 CUP.

The accounts of self-employed workers and individual farmers, as well as those of other non-state actors, were converted to CUC, as were those of collaborators who receive the 30 percent benefit, the Cuban agency reports.

The BCC specifies that the demand savings accounts, fixed-term deposits and certificates of deposit of individuals are kept in the CUC for a six-month period beginning January 1.

After that period, if the customer does not go to the bank, they will be automatically converted to CUP, at the exchange rate of one CUC per 24 Cuban pesos; in the case of fixed-term deposits and certificates of deposit of individuals, when converted to CUP they maintain the terms and conditions initially agreed upon, details

Since the announcement of the re-ordering, the banking sector has increased demand in offices, the level of operations in electronic banking has increased, and ATMs and Point-of-Sale Terminals have assimilated their highest levels of operations since they have been in operation.

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