The Central Bank of Cuba (BCC) says that, in the face of the disappearance of the CUC with the start of monetary unification in January, savings accounts in this currency, deposits in fixed places and certificates of deposits of natural persons , is maintained for a period of up to 180 days.
During this plan its holders can decide whether to convert their balance in whole or in part, to CUP, at the exchange rate of 24 CUP x 1 CUC, to US dollars or euros, collected the official newspaper Granma.
The Extraordinary Official Gazette number 73 published on Thursday states that, if account holders do not go to the bank to change for 180 days after January 1, they will automatically become CUP, at the rate of exchange rate of 24 CUP x 1 CUC, in the modality and plan originally contracted, and “generates interest in this currency at the corresponding rate”.
In those cases, the rule is specified, they will receive a bonus of between 1.5% and 3.5%, depending on the plan.
The holders of the accounts that during the established period appear in the banks to change them to Cuban pesos only have right to the accrued interests while the rest of the conditions agreed in the initial contract are maintained.
The BCC points out that, in the event that the holders decide to convert it into a balance, in whole or in part, of the accounts in CUC in US dollars or euros, the bank will issue a certificate of deposit in these currencies, “according to the conditions set for this new product “.
The holder of the certificate of deposit in US dollars or euros, once constituted, may not increase his balance, extra cash in these currencies, or transfer to other banking products in foreign currency.
The regulations say that “when the conditions of the country allow the availability of currency to support these certificates, we can modify their conditions.”
“If the client decides to withdraw his funds before the sea backs up with liquidity, the title is canceled and the extraction is carried out in CUP for the amount of the principal plus the corresponding interest, at the exchange rate of the day on which it is perform the operation “, he adds.
With accounts in dollars or euros, their holders will only be able to buy in your establishments established for the exclusive sale in these currencies and that are realized through the linked cards.
The resolution of the BCC establishes that the bank accounts of Cuban natural and legal persons, and other matters that carry out monetary transactions in the national territory, will be in CUP, except in cases that are expressly authorized to operate accounts in foreign currency.
Resolution 177 establishes that transactions that are currently denominated and executed in the national territory in CUC or in foreign currency are denominated and executed in CUP, even the cases that are expressly authorized.
It is also standardized that the exchange rate of the Cuban peso against foreign currencies is a fixed exchange rate regime.
Another provision of this rule is that the balance of your bank accounts in convertible pesos of workers that the Government sends abroad as those who apply the 30% discount for purchases in commercial establishments, passes automatically at CUP at the exchange rate of 24 CUP x 1 CUC, maintaining its current operation.
Its holders can request, from the account in Cuban pesos, in the plan of 180 days before referred, to convert totally or partially in the balance that it has at the time of decreeing the monetary unification and change, to North dollars -American or Euros, accepting the certificate of deposit. which is described.