International money orders will be paid in Cuba with the new dollar exchange rate

Almost two months after the implementation of the new dollar exchange rate with respect to the Cuban peso (1×120), Correos de Cuba received authorization to use it for international money orders.

Let’s remember what the Business Council said last August The conversion to 1 × 24 was maintained And they reviewed that rate with the central bank.

This innovation was announced this Tuesday, October 11, at a round table attended by company directors and will be implemented from Friday, October 14.

Cuba currently has treaties with Spain, Chile, Uruguay, the Dominican Republic, Colombia, Peru, and Panama.

Libera Labrada Suarez, director of marketing and business at the Corrios de Cuba Business Group, explained in the program, “It was adopted as a measure to use the current exchange rate for foreign currencies established in fixed money orders (CUP) with remittances. The Central Bank of Cuba (BCC), for example: 1 US dollar = 120 cups”.

At this stage, he clarified that it goes To use commercial margin for international exchange of one percent. Therefore, remittances through this channel are subject to Cubans 1 USD = 118.80 cups.

As an innovation, the official pointed out, the Cuban customer can request that the balance in CUP be credited to their national accounts denominated in Cuban pesos.

Likewise, he reiterated that, in general, there are two ways to send international money orders to Cuba:

• Deposits in MLC accounts (a service requested by the sender of the money order. Correos de Cuba today deposits the amount within 48 hours in any bank with which it has a commercial relationship (Metropolitano, Bandec and BPA).
• Standard money orders (beneficiary in Cuba receives cash in CUP).