The Obama Administration has decided to remove most or all of the regulatory restrictions in place that restrict and in some instances prohibit the government of the Republic of Cuba from using the United States Dollar for international transactions.
The Obama Administration is moving towards an announcement before or during the visit by the President to the Republic of Cuba on 21/22 March 2016.
One immediate result will be the removal of the 10% special exchange fee imposed upon visitors to the Republic of Cuba who are changing United States Dollars to Convertible Pesos. This special exchange fee was imposed by the government of the Republic of Cuba for financial actions taken by the government of the United States.
As of 2 March 2016, a visitor exchanging US$100.00 at an airport, bank or hotel would receive CUC 87.30. NOTE: sometimes, the .30 is not provided, so important to ask for it; otherwise, an airport, bank or hotel keeps it- free money, unreported.
Without the 10% special exchange fee, a visitor exchanging US$100.00 at an airport, bank or hotel could be approximately CUC 97.30. A 3.3% exchange rate fee would still be too high.
For the government of the Republic of Cuba, the removal of restrictions upon the use of the United States Dollar for international transactions would have immediate value by lowering its costs of commercial engagement primarily as governments, financial institutions (including International Monetary Fund and World Bank) and companies would have fewer compliance issues and transactions would become less onerous.
The removal of the restrictions would, or should, also increase pressure upon the government of the Republic of Cuba to authorize at least some commercial engagement permitted under initiatives created by the Obama Administration in 2015 and in 2016.
U.S. - Cuba Trade and Economic Council, Inc.
Established in 1994, the U.S.-Cuba Trade and Economic Council provides an efficient and sustainable educational structure in which the United States business community may access accurate, consistent, and timely information and analysis on matters and issues of interest regarding United States-Republic of Cuba commercial, economic, and political relations.