Following the December 18 announcement of three official exchange rates (24, 120, and floating pesos per USD), Cuba has outlined operational rules for the segments, including transaction limits for individuals, exporter flexibilities, and caps for non-state entities, to enhance transparency and attract currency from the informal market.
Building on the Central Bank of Cuba's (BCC) launch of a three-segment foreign exchange market on December 18, 2025, Ian Pedro Carbonell Karell, BCC Macroeconomic Policy Director, detailed the reforms' implementation to address currency shortages and economic distortions.
Segment I maintains the 1x24 rate for exporters, who can now exchange retained currencies at the more competitive Segment III floating rate to fund salaries and investments. Segment II (1x120) supports income-generating entities' basic needs during convergence. Segment III's daily floating rate serves individuals and non-state forms, enabling bank and exchange house transactions with an initial US$100 limit per operation, expandable as branches proliferate.
Freely convertible currency (MLC) cards remain active and may stabilize sooner under updated mechanisms. Non-state entities access up to 50% of average quarterly gross income via banks, improving tax oversight. These measures promote de-dollarization, rate unification, and resource inflows, though the informal market persists amid gradual rollout.
