Central Bank Denies Rumor About Devaluation Of Cuban Convertible Peso

Central Bank Denies Rumor About Devaluation Of Cuban Convertible Peso /
14ymedio

A line outside a currency exchange (Cadeca) Friday, amid rumors of a
reduction in the value of Cuban convertible pesos CUC. (14ymedio)
14ymedio, 29 April 2016 — The Central Bank of Cuba on Friday denied a
possible reduction in the value of the Cuban convertible pesos. State
financial institution reported that "the exchange rate remains at 24
Cuban pesos per one Cuban convertible peso for sales of CUC by the
population at banks and Cadeca (currency exchanges)."

For several days the lines in front of currency exchanges had been
lengthening due to the growing rumors of a fall in the value of the CUC.
However, the Central Bank says the rumor as "false information about the
reduction in the exchange rage that is currently applied."

The explanatory note published in the official press notes that "the
report to the 7th Congress of the Cuban Communist Party confirmed, once
more, the decision to guarantee bank deposits in foreign currency, Cuban
convertible pesos (CUC) and Cuban pesos (CUP, as well as cash held by
the population."

Source: Central Bank Denies Rumor About Devaluation Of Cuban Convertible
Peso / 14ymedio – Translating Cuba -
http://translatingcuba.com/central-bank-denies-rumor-about-devaluation-of-cuban-convertible-peso-14ymedio/