CADECA is being “converted” to Cuba in the absence of the dollar and the elimination of the CUC

Cadeca changes its operations due to the lack of dollars and the elimination of CUC. (Photo: Cuban newspaper)

The CADECA exchange houses that emerged in the 1990s began with the emergence of CUC to convert their operations, as this currency would disappear and the country did not have US dollars (USD) for foreign currency buying and selling services. .

“There is an aspect that residents have always been thinking about, which is that with the task of arranging CADECA being eliminated. Its president, Joaquin Alonso Vásquez, said, in the morning program, that CADECA has not been eliminated, it has been changed.” Radio work From Rebelde Radio Station.

Instead of disappearing, CADECA agencies will take over the functions of a bank and entities like Correos de Cuba dedicated to collecting essential services.

Services that can be paid at CADECA

  • Electricity
  • Phone
  • Water
  • Gas
  • Transit taxes
  • Taxes

Regarding the issue of depositing cash in the Bandec or BPA magnetic card, CADECA officials said that at present the entity does not offer this service, but it is plans to present this possibility.

On the one hand, currency exchange jobs will be reserved for those institutions located on the border, that is, at airports, so as to ensure exchange for visitors who want to use the local currency, as well as those who travel abroad – that if they are Cuban citizens residing on the island, they will only be allowed to buy 300 USD or its equivalent in other international currencies.

For you to be able to make the exchange before you travel, the card must be presented on board, so that the officials at the CADECA window can verify that you are actually traveling.

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In addition, with the passport number, the user is registered in a database indicating that he has purchased dollars.

Regarding this limit of only $ 300, CADECA Director said, “We know that there are people who will travel abroad and that $ 300 is not enough for their purpose, but we have no other possibilities at the moment even for tourism, we have to maintain this limit of the refund amount in order to Providing tourists upon their return to the country. “

However, a total of 101 CADECA offices were handed over to BPA and Bandec banks throughout the year 2020. The goal is to increase the operational capacity of these banks which lack more branches.

“Those offices that we kept in remote municipalities, where there is no flow or circulation of tourists, those offices were handed over to the banks, which made these offices available for their own network, so that the operational and service capacity would be to the population and the companies would expand from the banks, because our operations are very limited, Alonso Vasquez said.

Myrtle Frost

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