Cuba extends deadline for exchange of convertible pesos

HAVANA, Cuba, Jun 3 (ACN) Cuba established a new 90-day term for the exchange of convertible pesos in cash held by individuals at bank offices.

Resolution 62/2022 of the Council of State, published in Official Gazette No. 56 Ordinary, provides that bank offices that receive convertible pesos, as a result of the exchange of these by natural persons, sell to the Central Bank of Cuba the convertible pesos received, in accordance with the provisions of Decree-Law 62, of May 27, 2022, and in accordance with the provisions of the regulations in force for their withdrawal from circulation.

The exchange will be made at the rate of 24 Cuban pesos for one convertible peso.

In turn, the Central Bank of Cuba (BCC) issued Resolution 108/2022, also published in the Gazette, which provides that bank subsidiaries that receive convertible pesos, as a result of the exchange of these by natural persons, sell the convertible pesos received to the BCC.

The new regulation responds to the fact that the complex situation, generated by the pandemic, prevented a considerable number of persons from carrying out this operation within the time periods previously established and, therefore, they are now in possession of this unused currency.