| 01/01/2021 – 20:06 (GMT-4)
More than 500 commercial establishments in Cuba will start receiving payments in pesos from this Monday convertibles (CUC), a measure that reverses the government’s willingness to limit stores that could accept that currency.
Entities of the Caragol chain of stores, of the extra hotel company Palmares, of the Agency of artistic and literary promotions (Artex) and of the Company of Recordings and Musical Editions (EGREM) will begin to receive the payment in CUC., As announced on his official Twitter account, Marino Murillo, head of the implementation of economic guidelines in the country.
“The conditions have been created so that from today little by little, CUC will be accepted in more than 500 new establishments of the Caragol, Palmares, Artex and Egrem Oficial chains throughout the country, which are in addition to those of Cimex and the Caribbean, “the official said.
However, the so-called “tsar of the Cuban economy” did not allude to the fact that this ‘countermeasure’ may be due to the complaints and questions from Cubans about the impossibility of making payments in CUC in the network of national stores, After on the 2nd the government announced a list of the only commercial entities that would accept payment in convertible pesos until June, the month in which the currency must come out of circulation under the process of monetary unification.
The announcement clarifies that the return to customers will only be given in Cuban pesos (CUP), with an exchange rate of 1 CUC x 24 CUP. It also indicates that payment in CUP is accepted in all denominations of this currency and partial payments are accepted in a single purchase that combine the two currencies and magnetic cards.
In December 2020, an edition of the Official Gazette on the “Zero Day” for monetary unification in Cuba reported that the CUC would be out of circulation in June 2021 and from that date it would only be accepted for change at exchange offices and country bank branches.
The process of monetary unification in Cuba began on January 1, 2021, with a single exchange rate of 24 Cuban pesos (CUP) for $ 1. The measure involves “the redesign of monetary, foreign exchange, tax, credit, price, wages and other income of citizens,” said Governor Miguel Diaz-Canel.
Since 1994, the Central Bank of Cuba has authorized the circulation of the convertible peso (CUC), equivalent to the dollar, as part of regulations pushed by the late Fidel Castro in the midst of the severe economic crisis called the “Special Period”. after the fall of the socialist camp in Eastern Europe.
In mid-2003, the island’s government eliminated 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 extended to retail.
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