Central Bank Denies Rumor About Devaluation Of Cuban Convertible Peso / 14ymedio

A line outside a currency exchange (Cadeca) Friday, amid rumors of a reduction in the value of Cuban convertible pesos CUC. (14ymedio)
A line outside a currency exchange (Cadeca) Friday, amid rumors of a reduction in the value of Cuban convertible pesos CUC. (14ymedio)

14ymedio bigger14ymedio, 29 April 2016 — The Central Bank of Cuba on Friday denied a possible reduction in the value of the Cuban convertible pesos. State financial institution reported that “the exchange rate remains at 24 Cuban pesos per one Cuban convertible peso for sales of CUC by the population at banks and Cadeca (currency exchanges).”

For several days the lines in front of currency exchanges had been lengthening due to the growing rumors of a fall in the value of the CUC. However, the Central Bank says the rumor as “false information about the reduction in the exchange rage that is currently applied.”

The explanatory note published in the official press notes that “the report to the 7th Congress of the Cuban Communist Party confirmed, once more, the decision to guarantee bank deposits in foreign currency, Cuban convertible pesos (CUC) and Cuban pesos (CUP, as well as cash held by the population.”