Why can’t people who leave Cuba exchange local bills anymore?Business and Economic News

The Cuban exchange company said the move was carried out in the context of a sharp decline in the tourism industry and the resulting shortage of hard currency.

According to a new policy announced this week, people leaving Cuba will no longer be able to change their local currency back to U.S. dollars, euros or other hard currencies at the official exchange rate.

The government closed the transfer booths in the airport terminal, allowing passengers to exchange up to 300 U.S. dollars at the exchange rate of 24 Cuban pesos to U.S. dollars, which is about twice the country’s black market exchange rate.

In this way, outbound tourists have no choice but to spend the pesos they bought before leaving the country.

The state’s Cadeca Exchange said the measure was due to a sharp decline in tourism during the coronavirus pandemic and the resulting shortage of hard currency.

As the reform eliminated the “convertible peso” with a value pegged to the U.S. dollar, some Cubans could use the currency and opened new stores selling only in U.S. dollars or credit cards. The competition for hard currency intensified the backing of hard currency. .

Economy Minister Alejandro Gil Gil (Alejandro Gil Gil) said on Thursday: “We must recognize the problems in the economy.” Although he assured that the official exchange rate will remain at the level of 24 to 1.

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