Currency Unification – Not Happening January 1

Please note: this article was published on December 28, 2019 and is now outdated. Currency unification will actually take place on January 1, 2021. Read about the new currency unification, January 1, 2021 here.

In spite of rumors in the press, currency unification (currency reform) is not going to happen on January 1 in Cuba. The process is in the advanced stages of review by Cuban government experts and the Central Bank of Cuba, “to conclude the process of monetary and exchange unification” as per the guidelines in force until 2021.

Cuban President, Miguel Díaz-Canel Bermúdez confirmed this on Saturday before the National Assembly of People’s Power stating, “The monetary system is in an advanced phase of study and approval”

The Minister of Economy Alejandro Gil Fernández also denied that monetary reform will take effect on January 1. A future date has not specified.

Rumors of a 1-50 exchange rate between the national currency (Cuban peso) and the U.S. dollar have also been quashed.

Efforts for currency reform are currently focusing on validation, maintaining the legal process, organization and training of staff, and communicating the news to the population.

Diaz-Canel said at the parliamentary session, “the integrity of the process and its complexity is confirmed… (it) covers closely interrelated aspects that will have an impact on the whole society, which will be applied with the expected sequence, minimizing the effects on the population.”

The President also confirmed earlier statements on the decisions taken in the same speech to parliament, “Bank deposits in foreign currencies, convertible pesos, Cuban pesos, as well as cash in the hands of the population will be guaranteed.” He added, “all measures will be timely communicated to our people.”