{"id":231687,"date":"2020-12-14T08:53:32","date_gmt":"2020-12-14T13:53:32","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=231687"},"modified":"2020-12-14T08:53:32","modified_gmt":"2020-12-14T13:53:32","slug":"day-zero-cubans-will-have-180-days-to-change-their-cuc","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/day-zero-cubans-will-have-180-days-to-change-their-cuc\/","title":{"rendered":"Day Zero: Cubans will have 180 days to change their CUC"},"content":{"rendered":"

Starting next January 1, <\/span>confirmed this Thursday<\/span><\/a> by President Miguel D\u00edaz-Canel as \u201cday zero\u201d of the monetary and exchange rate reorganization on the island, Cubans will have 180 days to exchange convertible pesos (CUC) for Cuban pesos (CUP) in banks and exchange houses, according to the current rate of 1\u00d724.<\/span><\/p>\n

This is stipulated by Resolution 177\/2020 of the Central Bank of Cuba (BCC), published in the <\/span>Gaceta Oficial Extraordinaria number 73<\/span><\/a>, which includes six other resolutions of the country\u2019s highest banking entity and according to which as of its entering into force \u201cnew deposits of convertible pesos are not allowed in the accounts in that currency of individuals\u201d and \u201cany cash withdrawal from these accounts is made in Cuban pesos.\u201d<\/span><\/p>\n

It also explains that individuals\u2019 accounts in CUC for savings, time deposits and certificates of deposits, are kept in that currency for a period of up to 180 days, and during that period their holders can decide if they convert their balance, totally or partially, to CUP at the exchange rate of 24 CUPx1 CUC, or they do it to USD or euros.<\/span><\/p>\n

https:\/\/twitter.com\/BancoCentralCub\/status\/1337454862779510784?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1337454862779510784%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Foncubanews.com%2Fcuba%2Fdia-cero-cubanos-tendran-180-dias-para-cambiar-sus-cuc%2F<\/p>\n

The regulations also specify that if the account holders do not go to the bank to modify them during the set period, they will be automatically converted to CUP, at the exchange rate of 24×1, \u201cin the method and term originally contracted, and they earn interest in this currency at the corresponding rate.\u201d<\/span><\/p>\n

When this happens in time deposit accounts and certificates of deposits, these will receive a bonus of between 1.5% and 3.5%, depending on the term. On the other hand, if their holders show up at the banks to exchange them into Cuban pesos during the 180 working days as of January 1, \u201cthey are only entitled to accrued interest, as long as the rest of the conditions agreed in the initial contract are maintained.\u201d<\/span><\/p>\n

Meanwhile, if the holders decide to convert the balance, totally or partially, of their accounts in CUC to USD or euros, \u201cthe bank issues a certificate of deposit in those currencies, according to the conditions established for this new product.\u201d However, the BCC clarifies that in these cases \u201cthe holder of the certificate of deposit in USD or euros, once constituted, cannot increase its balance, extract cash in these currencies, or transfer them to other banking products in foreign currency.\u201d<\/span><\/p>\n

Likewise, it points out that \u201cwhen the conditions of the country allow availability of currency to back these certificates, their conditions may be modified\u201d and that \u201cif clients decide to withdraw their funds, before it is backed with liquidity, the title will be canceled and the withdrawal is carried out in Cuban pesos for the amount of the principal plus the corresponding interest, at the exchange rate of the day the operation is executed.\u201d<\/span><\/p>\n

The BCC resolution also specifies that the bank accounts of Cuban individuals and legal entities, and the other subjects that carry out monetary transactions in the national territory, will be in CUP, \u201cexcept in cases where it is expressly authorized to operate accounts in foreign currency,\u201d and that the transactions that are currently denominated and executed in the national territory in CUC or in foreign currency are denominated and executed in CUP, \u201cexcept in cases that are expressly authorized.\u201d<\/span><\/p>\n

D\u00eda cero: primeras reacciones de destacados economistas cubanos<\/a><\/p><\/blockquote>\n