Banco de Credito y Comercio (Bandec) has announced a new exchange rate for operating foreign currency accounts in Cuba.

According to a newspaper article September 5The purpose of the new measure of the Central Bank of Cuba (PCC) is to benefit natural persons who have an account for depositing and withdrawing currency in cash.

“The lower the bank’s business margin, the higher the amount received by the holder,” the text says.

In this way, they communicate it As of December 2, 2022, the Banco de Crédito y Comercio (Bandec) of Cienfuegos will no longer apply commercial margin to the exchange rate for credit (input) and debit (output) for cash transactions of bank accounts in foreign currencies. “

The arrangement was approved as Agreement No. 27 of the Monetary Policy Committee of the BCC and “establishes a zero percent interest rate on monetary profits to provide service to commercial banks, which reduces the operating cost of the population.”

In this sense, those who wish to deposit on cards in US dollars must “multiply the amount of the currency by the current purchase exchange rate – which no longer has a commercial limit – and this balance is divided between 120. CUP, the conversion rate from US dollars to the national currency, without a commercial limit”.

For example, taking into account the exchange rate of December 2, in operations without the commercial limit of the euro, the exchange rate of 125.97600 CUP is used and the commercial limit is 123.45648 CUP. The benefit to the customer is 2.51952 cups for every peso.

According to the information provided, the calculation applies to deposits of freely convertible currencies (MLC) allowed in Cuba: Australian dollar, Canadian dollar, Swiss franc, Euro, pound sterling, Japanese yen, Mexican peso, Danish krone, Norwegian krone, Swedish crown.

However, they reiterated that “restriction on cash deposits of US dollars in bank accounts will continue to be maintained and withdrawals will be made according to the availability of existing currencies.”

The text advises Bandec customers who wish to benefit from these activities to “verify the activity and card number before signing the voucher”.

This can also be done “through electronic mobile banking, Enzona, telephone banking or ATM platforms”.