Radio Cadena Agramonte emisiora de Camagüey
Havana, December 18. - Cuba today put into effect a new exchange market scheme with three operational segments, announced Juana Lilia Delgado Portal, Minister-President of the Central Bank of Cuba, during a special appearance broadcast on Cuban Television.
The official explained that the measure seeks to restore the convertibility of the Cuban peso and advance toward monetary convergence through a gradual and responsible process that avoids inflationary shocks.
The design includes two segments with existing fixed rates—one at 1 to 24 and one at 1 to 120—and a third segment with a daily floating rate, published by the Central Bank as the monetary authority.
Delgado Portal emphasized that the fixed segments will support basic and sensitive operations, such as medicines, fuel, and the basic food basket, to protect the population and preserve stability in essential prices.
The third segment will allow exporters and foreign currency suppliers to sell at competitive prices determined by supply and demand, aiming to incentivize the entry of foreign currency into the official market and reduce pressures from the informal market.
Ian Pedro Carbonell, Director of Macroeconomic Policies at the Central Bank, told the media that the strategy acknowledges the diversity of economic actors and the real conditions of the economy, without applying shock therapy.
Carbonell specified that the first segment will address vital government allocations, while the second will benefit entities generating external income, with regimes that foster competitiveness and profitability.
The third space incorporates operations by individuals and non-state management forms, providing legal access to foreign currency through bank accounts and exchange houses under a floating regime.
According to Carbonell, the measure will allow exporters to sell part of their foreign currency in the new segment, which will expand opportunities and contribute to the banking of operations.
The legal provisions supporting the process—Central Bank of Cuba Resolutions 127 and 128—were published in Official Gazette No. 94 and took effect this Thursday.
The Central Bank will publish the official exchange rates daily on its website as part of a gradual and transparent process aligned with Cuba's specific conditions. (Text and photo: ACN)
