First Deputy Prime Minister and Minister of Economy and Planning Alejandro Gil explained in national television that the main strategic goal is to have the Cuban economy operate solely in pesos, using an exchange rate that would guarantee monetary stability and provide purchasing capacity.

Gil informed that as from Thursday, August 4, the country will resume the purchase of foreign currency to individuals, including the US dollar, but at an exchange rate of 120 pesos for each one of those currencies, and not at 24 for one, as previously established.

This will not affect the business sector, he specified, and added that conditions are being created to later also start the sale of foreign currency to the population.

The Minister of Economy clarified that the rate of 120 pesos per dollar is not the balance rate for the economy, because there are sources of income in the country that are not part of this exchange market, such as tourism and exports.

The idea is to reach a scenario where we have a single exchange rate, which sets the balance rate in which all transactions in the economy are sustained, Gil said, and emphasized that in order to achieve so it will be necessary to advance with caution so as not to make mistakes.

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