More than 500 businesses in Cuba will start receiving payments in pesos on Monday Convertibles (CUC), a measure that reflects the government’s willingness to limit stores that can accept that currency.
Entities of the Caracol store chain, the Palmares extra-hotel company, the Artex and Literary Promotions Agency (Artex) and the Music Recordings and Editions Company (EGREM) They will start receiving payment at CUC. As announced on his official Twitter account by Marino Murillo, the country’s head of implementation of economic guidelines.
“Conditions have been created so that CUC as of today will be gradually accepted into more than 500 new Caracol, Palmares, Artex and Egrem Oficial chains across the country, which have been added to the Cimex and Caribe chains,” the official said.
However, the so-called “Caesar of Cuban Economy” did not refer to the fact that this “countermeasure” may be due to Complaints and questions from Cubans regarding the impossibility of paying at CUC in the national store networkAfter the second day, the government announced a list of the only commercial entities that would accept payments in convertible pesos until June, the month in which the currency must be out of circulation under the monetary standardization process.
The announcement states that revenue to customers will only be in Cuban Pesos (CUP), at an exchange rate of 1 CUC x 24 CUP. It also indicates that payment in CUP currency is acceptable in all denominations of that currency and partial payments that combine coins and magnetic cards are accepted in the same purchase.
In December 2020, the publication of the Official Gazette of the “Zero Day” monetary unification in Cuba I mentioned that CUC will be out of circulation in June 2021 As of that date, it will only be accepted at exchange offices and bank branches in the country.
Monetary unification began in Cuba on January 1, 2021, at a single exchange rate of 24 Cuban Pesos (CUP) for one dollar. President Miguel Diaz-Canel said the measure includes “redesigning the monetary, exchange, tax, credit, rate, payroll and other income systems of citizens.”
Since 1994, Cuba’s central bank has allowed the circulation of the convertible peso (CUC), equivalent to the dollar, as part of the regulations promoted by the late Fidel Castro in the midst of the severe economic crisis called the “special period”, after the currency’s collapse. The Socialist Camp in Eastern Europe.
In mid-2003, the island’s government abolished the circulation of the dollar in the state sector, and since then, only two national currencies have been authorized: the Cuban Peso (CUP) and the Cuban Convertible Peso (CUC). In 2004 the measure was expanded to include retail trade.
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