8% Commission? New Private Company Financial Regulations Add Further Stress To Re-Emerging Private Sector In Cuba.
/The Central Bank of the Republic of Cuba exchange rate is 24 Pesos per US$1.00. For visitors to the Republic of Cuba and when available for Republic of Cuba nationals the Central Bank of the Republic of Cuba exchange rate is 120 Pesos per US$1.00. The unofficial, “street rate” in the Republic of Cuba is approximately 280 Pesos per US$1.00.
Prensa Latina News Agency
Havana, Republic of Cuba
23 January 2024
BANDEC To Expand E-Credit Facilities
Havana, Jan 23 (Prensa Latina) Cuba's Banco de Crédito y Comercio (BANDEC) will be expanding the credit facilities for the use of its prepaid card in USD, the bank institution informed on Tuesday. According to BANDEC, this is an e-payment strategy for national territory use only and valid for a five-year time.
As from January 24, those interested people may acquire the new USD prepaid cards by paying in cash in any of authorized circulating currencies nationwide. Minimum value will be USD 50. A USD$4 commission will be deducted for its purchase. These cards will be available at certain BANDEC branches and Currency Exchange Offices.
The cards can be recharged in cash deposits with currencies authorized to circulate in the country and by transfers from abroad. There will be no limit of amount. This new strategy will make possible the purchase of goods and services in retail and wholesale networks, as well as the purchase of fuel at CUPET Gas Stations that will be authorized to pay in USD.
According to BANDEC, the USD prepaid cards may be acquired by foreign and national people resident or not in Cuban territory; micro-, small- and medium-sized enterprises (MIPYMES); non-agricultural cooperatives; self-employed workers; individual farmers and other forms of non-state management, as well as the whole population in general.
The card holder, at the time of his/her departure from the country, may be reimbursed, of the unused amount, a maximum up to USD$100 or its equivalent in another available currency, always presenting his boarding pass, detailed the informative note published by the Facebook social network.
Agencia Cubana de Noticias (ACN)
Havana, Republic of Cuba
24 January 2024
Cuban Credit and Commerce Bank expands use of prepaid cards in USD
HAVANA, Cuba, Jan 23 (ACN) Cuban Credit and Commerce Bank (Bandec by its Spanish acronym) announced today that as of January 24, prepaid cards in U.S. dollars (USD) can be purchased at selected branches and Cadeca's network of offices, with cash in any of the currencies authorized to circulate in the country.
Bandec specified that these electronic means of payment may be acquired by foreign and national individuals resident or not in the country, as well as micro, small and medium-sized enterprises (MSMEs), non-agricultural cooperatives, self-employed workers, individual farmers and other forms of non-State management.
In an informative statement published in its official Facebook page, the entity explained that the minimum value of the prepaid card is USD 50.00, from which a commission of USD 4.00 will be deducted for its purchase. For exclusive use in the national territory and valid for five years, they can be recharged by means of cash deposits with the foreign currencies authorized to circulate and by transfers from abroad, with no limit on the amount.
Bandec emphasized that the prepaid cards allow the purchase of goods and services in the retail and wholesale network, and of fuel in the service centers to be set up in USD. It added that the cardholder, at the time of leaving the country, may be reimbursed for the unused amount, up to a maximum of 100.00 USD or its equivalent in another available currency, always presenting his/her boarding pass. Bandec had previously launched prepaid cards, aimed at international travelers not residing in the country, as a way for them to access goods and services in establishments that only accept electronic payments.
BreakingLatestNews.News
25 January 2024
The Central Bank of Cuba (BCC) has announced its exchange rates for the dollar and other foreign currencies circulating in the country. The official exchange rates in relation to the Cuban peso (CUP) have been published by the BCC. The exchange rates for various currencies are as follows:
– Australian Dollar (AUD) – 15.73920 to 78.69600 CUP
– New Mexican Peso (MXN) – 1.38340 to 6.91698 CUP
– Pound Sterling (GBP) – 30.37680 to 151.88400 CUP
– Norwegian Kron (NOK) – 2.27929 to 11.39644 CUP
– Swedish Crown (SEK) – 2.28615 to 11.43075 CUP
– US Dollar (USD) – 24.00000 to 120.00000 CUP
– Canadian Dollar (CAD) – 17.79887 to 88.99436 CUP
– Japanese Yen (JPY) – 6.19083 to 1.23817 CUP
– Danish Crown (DKK) – 3.48721 to 17.43603 CUP
– Swiss Franch (CHF) – 27.54821 to 137.74105 CUP
– Euro (EUR) – 25.99200 to 129.96000 CUP
The BCC reminds the public that exchange and resale actions can be carried out at bank branches, as well as at Exchange Houses (CACEDA).
In the informal market in Cuba, the sale price of the Freely Convertible Currency (MLC) has increased to $251.00 CUP, a rise of $1.00 CUP in the last 24 hours. Meanwhile, the euro is quoted at $285.00 CUP and the USD at $280.00 CUP in the informal market. Despite the upcoming end of January, there have been no details offered about new exchange rates that will govern in Cuba soon. The price of currencies in the market continues its upward trend, and the dollar is influencing retail prices more and more in the country.
HAVANA, Cuba, Jan 26 (ACN) As part of the actions announced by the Cuban government to correct deformations in the economy and boost its development in 2024, the Official Gazette of the Republic published two resolutions modifying prices for the import of raw materials and inputs, as well as cigarettes, tobacco, rum and other alcoholic beverages.
Resolution 7/2024 of the Ministry of Finance and Prices (MFP) was published in the 8th Ordinary Edition of this year's Official Gazette, which establishes the rebate in the payment of the customs tax on imports of raw materials, inputs and intermediate goods, destined to productive processes, with special focus on the production of food and agricultural production, consisting in the reduction of its tax rate by 50 %.
Said bonus, the resolution added, will be implemented by the MFP on a timely basis, as from the date of the application for said benefit. On the other hand, Joint Resolution 1/2024 of the MFP and the Ministry of Foreign Trade and Investment establishes the increase of the tariff rates for the import of tobacco, cigars, rum and other alcoholic beverages.
The measure, which is aimed at protecting the national production of these items, announces that the tariff will be increased by 30%, but it will only be 15% when the products come from "most favored" countries, based on signed bilateral agreements.
Bandec