Cuba to sell cars in tradeable currency as dollarization gains pace


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Cuba to sell cars in tradeable currency as dollarization gains pace

HAVANA (Reuters) - Cuba’s cash-strapped government said on Thursday it would start selling cars in tradeable currencies rather than in convertible Cuban pesos this month as it continues to dollarize swathes of its retail sector.

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I got back last Saturday.  Dollars are most certainly in demand.  It's practically frantic. Everyone knows the CUC demise, something that's been talked about for years is approaching...for real. 

Any foreign currency is also up for exchange on "the street" (CAD, EUR, GBP, etc).  Just expect to get the same rate as you'd get in a CADECA or a bit better (no 3% fee).  Negotiations are dependent on how much you're changing, size of bills (bigger is better) and the quality (newer is better).  No Cuban wants to get stuck with CUCs, trade them for CUPs at some unknown or undesirable exchange rate or worst of all, have to answer questions like "Where did these 45,000 CUCs come from?  Why have you not been paying taxes on your private income?  I think we should make note of this..."

Note when I say on "the street", I'm referring to non government sources.  I worked with a person I've known and trusted for some time.  I would NOT do this with someone who approached me. 

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Yes, when we went down last time my Cuban 'son' collected CUC from all his neighbors to trade 1:1 for USD. I hear some have seen even a better exchange rate. 

The dollar is strong in Cuba right now.

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3 hours ago, moryc said:

I'm heading down in a month.  Will I still be able to use CUC at LCDH?  Should I still be bringing Canadian dollars as usual and exchanging on the island to CUC?

Yes, CUC is still the primary currency and foreign currency can be exchanged to it.

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