Cuba will keep accounts in convertible pesos until December 2022

Cuba will keep accounts in convertible pesos until December 2022

HAVANA, April 1st Cuba will maintain convertible peso (CUC) accounts for call savings, term deposits, and certificates of deposit for natural persons until December 28, 2022, it was reported Wednesday.

The Central Bank of Cuba (BCC) issued Resolution No. 74, according to which during this period the cardholder can decide whether to convert the account to Cuban pesos or choose a foreign currency certificate of deposit, in accordance with the conditions specified for this product.

Cuban collaborators on a mission abroad, for whom a 30% bonus is applied to their bank accounts for purchases in commercial establishments, can request, from the account in Cuban pesos, to transfer their remaining balance in whole or in part at the end of December of the year 2020.

They will be able to make these facilities in their accounts in convertible peso, into foreign currency certificate of deposit, as specified by BCC.

He indicated that the power of attorney will be accepted, in cases where the bank account holder is abroad, to convert the total or partial balance of the accounts into convertible pesos for demand savings, time deposits and foreign currency certificates. Deposits provided that the representation is approved by a private agency.

On January 1, 2021, Cuba abolished the legal circulation of the CUC and fixed a single exchange rate of 24 pesos per dollar, in a process of monetary consolidation and exchange consolidation during which the CUP (Cuban Peso) remained the only single currency.