Since September 14, Cuba's first private currency exchange has been operating in Santa Clara, offering rates significantly higher than the informal market. On Tuesday, the selling price for the U.S. dollar at this location was 730 Cuban pesos (CUP), which is 30 pesos more than the current informal market rate.
The independent media outlet elTOQUE released an image displaying the exchange rates on September 15 at a business called Aires de Tristá 64 (ADT 64). This establishment is situated at number 64 on the Carretera Central, between Tristá and Padre Chao, a mere 500 meters from the city's official CADECA.
The Unconventional Nature of Cuba's Private Exchange
What stands out is the unusual profile of this Cuban private business operating as a currency exchange. According to business databases reviewed by elTOQUE, the registered purpose of ADT 64 is in the field of gastronomy, selling ice cream, pizza, and hamburgers—products unrelated to currency exchange activities.
On Wednesday, the Cuban regime announced the private currency exchange's role in the economy. The operations conducted by the establishment are providing data to the Central Bank of Cuba (BCC) to underpin the official exchange rate of Segment III, which caters primarily to individuals and non-state economic actors.
The government did not disclose the company's name, its owners, location, operating hours, currencies traded, or transaction limits when announcing the opening.
Official Confirmation and Exchange Rates
Ian Pedro Carbonell Karell, the director of the Central Bank of Cuba's payment system, confirmed during the Round Table program that the entity is part of a pilot program. He described the transactions as "real operations, settled and confirmed exchanges" that help "better substantiate" the official rate.
On September 15, the digital display in the establishment showcased rates for nine currencies: the U.S. dollar was purchased at 710 CUP and sold at 730; the euro at 815 and 839; the British pound at 852 and 876; and the Swiss franc at 866 and 891.
These rates exceeded both the Informal Market Reference Rate and the official Segment III rate from the BCC, which hovered around 655 CUP per dollar that day.
However, visitors to the location confirmed that ADT 64 currently only purchases foreign currency and does not sell it, contrary to the information displayed.
Background and Controversies Surrounding ADT 64
The investigation by elTOQUE discovered that the phone number associated with ADT 64 is linked to Arnel Matos Freire, whose registered address matches the business location, though he did not respond to inquiries. According to a 2023 report from the CMHW radio station, Richard Arce Maturana is the business administrator.
ADT 64 has a history of operating outside its registered social purpose. In January 2025, it advertised wholesale sales of imported goods; in February 2026, Villa Clara's Inspection Directorate fined it 70,000 CUP for unauthorized personal account charges under Decree Law 91; and in August 2026, it opened a solar energy station.
The launch of this private venture is part of a package of 176 economic measures approved in June 2026 by the National Assembly. These measures also include private banking, private remittance operators, and a real-time digital currency exchange market.
Prime Minister Manuel Marrero Cruz had informed Parliament in July that the first private currency exchange was "ready to start operations as a pilot project," without providing any details about the favored entity, raising suspicions of connections to government officials or their associates.
FAQs on Cuba's Private Currency Exchange
Why is the private currency exchange rate higher than the informal market?
The private exchange offers rates higher than the informal market to potentially attract more foreign currency transactions and to inform the Central Bank's official rates.
What is the purpose of ADT 64 according to its registration?
ADT 64 is registered as a business in the gastronomy sector, with a focus on selling ice cream, pizza, and hamburgers, not currency exchange.
Are there any controversies surrounding ADT 64?
Yes, ADT 64 has been involved in activities outside its registered purpose, including wholesale trading and solar station operations, and has faced fines for unauthorized activities.