Diaz-Canel: Exchange market will mobilize financial resources
2022-08-05 13:59:53 / RHC
Cuban President Miguel Diaz-Canel said that the beginning of the implementation of the foreign exchange market is one of the measures designed to mobilize financial resources in the shortest possible time and supplies.
On Twitter, the President referred to the beginning on Thursday of the purchase of foreign currencies from the population, including US dollars in cash, at an exchange rate of 120 Cuban pesos per dollar, a higher rate than the one in force (24 pesos per one dollar).
The head of State pointed out that according to the announcement made at the latest National People’s Power Assembly session, there are about 70 provisions for boosting the domestic market based on the acquisition of foreign currencies.
Among their objectives, the actions aim to increase the income from exports and reactivation of domestic production.
“None, by itself, will solve all the problems”, Diaz-Canel said, adding that the Government will not stop in its efforts to build a better country.
According to Vice Prime Minister and Minister of Economy and Planning Alejandro Gil, the purchase of foreign currencies by the State at a higher rate is a first step in implementing the foreign exchange market, which will be fully deployed when the country starts selling foreign currency.
He pointed out that organizational measures are currently being taken to advance on this path but anticipated that in the face of a higher demand for foreign currencies, it would be necessary to regulate the amount sold to individuals.
Gil commented that the strategic objective is to achieve an economic balance where the Cuban peso is strong, establish a single exchange rate, and reach a larger volume of supplies sold in the national currency.