Cuba remove penalty on US dollar conversions
- Submitted by: Juana
- United States
- Business and Economy
- Politics and Government
- 03 / 18 / 2016
Cuban Foreign Minister Bruno Rodriguez addressed the international and local media Thursday at 15:00 hours local Cuba time, and announced at a news conference broadcast live on Cuban television the elimination of the of 10% penalty applied to the US dollar. "I want to announce you that the Cuban government has decided to remove the 10% penalty that applies today to the US dollar," he said.
The announcement, made two days before the new package of regulations implemented by the US government that includes the use of dollars by Cubans, constitutes a new step for the advancement of the island, its economy and domestic economies.
Rodriguez said the country will do away with a 10 percent penalty on dollars exchanged at banks and money-exchange centers in Cuba if new U.S. measures allowing Cuba access to the international banking system prove to work.
The measure would make it much easier for U.S. visitors to Cuba to change dollars during their trip.
Rodriguez told reporters Thursday that Cuba will try to make a series of international financial transactions in coming days. If they work, it will get rid of the 10 percent penalty.