CADECA says it is working on a plan to make it easier for travelers to buy freely convertible currencies

CADECA says it is working on a plan to make it easier for travelers to buy freely convertible currencies

The Cuban Trade Association Casas de Cambio (Kadika), assigned to the official exchange on the island, about it It provides facilities for travelers to “purchase freely convertible currencies”.

Joaquín Alonso Vázquez, President of the Cuban Financial Corporation, indicated that they are working with tourism companies to provide facilities for travelers regarding the purchase of freely convertible currencies – other than dollars – as soon as tourists flock to the island, after an improvement in the epidemiological situation.

In the data collected by Cuban News Agency (ACN)Alonso Vazquez did not give further details about the matter and said that It will be announced soon.

It also ratified it as of June 21 – as indicated in Resolution 176 of the BCC – CADECA You will not be able to make exchange transactions in US dollarsWhich means an inevitable increase in commercial activity with the rest of the foreign currencies.

The director emphasized that CADECA – which celebrates its 27th anniversary on June 14 – has improved its facilities in recent months and “diversified” its services to residents.

on the sale of fuel cards, He said that in the next few days, this means of payment will be distributed across the country. Alonso Vasquez, noting that they have established operational capabilities and alliances with the union, commented, “We have sought to establish alliances with some companies such as the Electricity, Water and Sanitation Canal and Telecom Companies (ETECSA), to offer their services from our offices.” System Bank, the National Tax Administration Office, as well as with the companies Correos de Cuba, Fincimex and Cubapetróleo (CUPET).

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On May 20, the Cuban government announced that Suspended the sale of dollars and other currencies in CADECAs to international airports For people traveling abroad, causing great inconvenience to residents.

In another controversial measure, at the end of May, CADECA announced among its new services Selling a prepaid card in dollars, not redeemable in foreign currency.

In this case, the service is designed primarily for those who travel to Cuba from the United States and cannot use their credit or debit cards in the country, and will allow them to make purchases at coin collecting stores. The dollar prepaid cards will be granted by Banco de Crédito y Comercio (BANDEC) and will be subject to a set of conditions that have been widely criticized.

In addition to the fact that the amount will not be refundable in foreign currency, cash withdrawals will be made only in Cuban pesos in the network of ATMs in the country and “the bank is not obligated to return the unused amount”. The cards – for exclusive use in Cuba – will be printed in amounts which can be $1,000, $500 and $200, and will reflect the expiration date and the bank is not responsible in case of losses.

In the latest controversial economic measure, the central bank last week issued a decision to suspend cash deposits in dollars, arguing that it has a surplus of that currency that it cannot carry out international financial operations due to the ban.

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