The reinforcement of the U.S. blockade affects CADECA's commercial activity, says its president

HAVANA, Cuba, Jun 14 (ACN) The tightening of the U.S. economic, commercial and financial blockade of Cuba has hindered the operations of the Sociedad Mercantil Cubana Casas de Cambio (CADECA), its president, Joaquín Alonso Vázquez, said in Havana.
In a meeting with local media, Alonso Vázquez pointed out that, since 2019, CADECA’s main activity—the purchase and sale of foreign currencies— took a hit owing to the reduction of international tourism and cruise trips as part of the new prohibitions issued by the White House against Cuba.

“In November, CADECA had to reduce the exchange of foreign currencies for lack of cash, since we can only sell what inbound travelers bring with them and turn into Cuban pesos when they arrive. During 2020 we exchanged more than we received, so last month we had to interrupt these operations because now we do not have enough foreign currency", he explained.

Yamile Berra Cires, vice-president of the Central Bank of Cuba, said that in recent times more money was exchanged by people leaving the country than the amount that tourists brought, which is why we issued a provisional ban on the purchase and sale of foreign currency at airports.
Alonso Vázquez also remarked that the cash available in Cuban banks supports the supplies and consumables that the country needs to function. If CADECA sold that money, the Cuban peso would fall in value.

“Washington's illegal sanctions against Havana have come as a blow to our institution's supplies and technological equipment. Add to this the closing of operations of the Western Union company, which played a key role in supporting money remittance operations. Nevertheless, CADECA will not disappear, it will gradually transform its original capacity with new products and services based on domestic demand,” he finally pointed out.

June 14 marks CADECA’s 27th anniversary. Ever since it was established, this institution has contributed to the fulfillment of the country's monetary policy through a nationwide network of offices that provide its customers with agile and safe financial services.