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The reason why people leaving Cuba can no longer exchange local debts | Business and Financial Issues


This is due to the sharp decline in tourism and the lack of strong funding, a Cuban exchange company said.

People leaving Cuba will not be able to convert their local currency into dollars, euros or other strong currencies at exchange rates according to the new rules announced this week.

The government closed the airport terminal, allowing commuters to change up to $ 300 from the 24 Cuban pesos to the dollar – almost the country’s black market price.

This gives outgoing visitors another opportunity but to waste the money they bought before leaving the country.

The state-run Cadeca company said this was due to a sharp decline in tourism during the coronavirus and a lack of funding.

The struggle for strong currencies has intensified as a result of the change in the “flexible peso” that is linked to the dollar and the availability of other Cubans, as well as the opening of new stores that only sell dollars – or with credit cards backed by hard cash.

“We need to be aware of the current economic crisis,” Finance Minister Alejandro Gil said on Thursday, although he confirmed that the change in government would remain 24-to-1.


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