Cuba announces date to propose new official dollar rate

The Cuban government announced that it is working on defining a new official exchange rate for the US dollar (USD) for this year 2024 as part of measures to boost the economy and correct distortions in the exchange market.

The Head of Economy and Planning, Alejandro Gil Fernández, presented to the Council of Ministers an update of the implementation program of the decisions approved in the projections for 2024.

The measures include reduction of import duties on raw materials and intermediate goods, increase of import duties on tobacco, cigars, rum and spirits and extension of duty exemptions on food imports and cleaning by natural persons.

Gil Fernandez explained that by February it is planned to update the rules that will allow the reorganizing of local development projects, decentralizing the approval of prices for natural and traditional medicine and the submission of proposals. Changing the size of the exchange market, intervening in the informal market, and controlling the exchange rate in Cuba,

“We are working hard on this because it has an impact on the promotion and excitement of the production,” he said. Review From the official website of the Presidency of Cuba.

new dollar rate in cuba

The Cuban Economy Minister also noted the need to recover remittance flows, encourage their capture, and study the feasibility of new channels, platforms and digital scenarios for bank operations from abroad.

Last December the Cuban Prime Minister, Manuel Marrero Cruz, Speak Regarding the plan to increase foreign exchange earnings, it said that exchange rates and pricing will be defined. According to Marrero, a working group led by Cuba’s Central Bank has already made progress on specific proposals.

Meanwhile, the US dollar and freely convertible currency (MLC) declined new record value According to independent media, this Sunday on the streets of Cuba the touch,

USD was quoted At $285.00 a cup, MLC at $252.00 a cup and Euro at $290.00 a cup. These prices reflect high demand for foreign exchange and lack of liquidity in the country.