Airport departure lounge exchange booths ordered closed

The Cuban government has announced a new foreign exchange policy for persons leaving the island.

The new regime, which was announced last week, will see persons leaving Cuba no longer being able to change their local bills back into US dollars, Euros or other hard currency at the official exchange rate.

This new policy has not gone down well with travellers but is the latest attempt by the communist republic to gain and keep much-needed foreign exchange, which is needed for trade.

Completing this new regime, the government has closed the airport departure lounge exchange booths that had allowed travellers to change up to US$300 at the official rate of 24 Cuban pesos to the dollar. This exchange rate is about double the black market rate inside the country.

This new policy regime gives outbound visitors little option but to spend the pesos they had bought prior to leaving the country.

According to Cuba, Cadeca exchange company, the measure is being implemented as a result of the drastic drop in tourism during the pandemic and the resulting lack of hard currency needed by the communist Caribbean republic.