In a recent policy, the government of Cuba has announced that people leaving the nation can no longer change their local bills back into dollars, euros or other hard currency at the official exchange rate.
According to local reports, the government closed the airport departure lounge exchange booths that had allowed travellers to change up to $300 at the official rate of 24 Cuban pesos to the dollar — about double the black market rate inside the country.
It was clarified that, that gives outbound visitors little option but to spend the pesos they’d bought before leaving the country.
In a statement obtained by newsmen, the state’s Cadeca exchange company, the measure was due to a drastic drop in tourism during the coronavirus pandemic and the resulting lack of hard currency.
Economy Minister Alejandro Gil said the scramble for hard currency has accelerated due to a reform eliminating a “convertible peso” that had its value tied to the dollar and that some Cubans could access, as well as the opening of new shops that sell only in dollars — or with credit cards backed by hard currency.
While assuring that the official exchange rate would remain at 24-to-1, the minister said “We have to recognise that issue that is present in the economy”.
