Havana, Jun 3 (RHC)-- Cuba established a new 90-day deadline to exchange convertible pesos in cash held by individuals at bank branches.

Resolution 62/2022 of the Council of State, published in Official Gazette No. 56,  provides that bank branches that receive convertible pesos, due to the exchange of these by natural persons, sell to the Central Bank of Cuba the convertible pesos received, in accordance with the provisions of Decree-Law 62, of May 27, 2022, and in accordance with the provisions of the regulations in force for their withdrawal from circulation.

The exchange will be made at the rate of 24 Cuban pesos for one convertible peso.

The new regulation responds to the fact that the complex situation, generated by the pandemic, prevented a considerable number of persons from carrying out this operation within the time periods previously established and, therefore, they are now in possession of this unused currency.