Cuban President Díaz-Canel highlights importance of new foreign exchange system

On August 3, Deputy Prime Minister Alejandro Gil announced that banking operations to buy hard currencies (U.S. dollar, euro, Canadian dollar, franc, pound sterling, among other currencies) would begin at about five times the current exchange rate (US$1 for CUP 24).

Cuban President Miguel Díaz-Canel highlighted implementing a new foreign exchange system on the island, which is being applied as of August 4 and aimed at capturing freely convertible currencies through national banks.

"The beginning of the implementation of the foreign exchange market is . . .

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