In a follow-up to the Central Bank of Cuba's December 18, 2025, announcement of three official exchange rates (24, 120, and floating pesos per USD), Macroeconomic Policy Director Ian Pedro Carbonell Karel addresses public doubts in an interview. The measures protect essential goods, boost foreign currency inflows, reduce speculation, and pave the way for rate unification amid gradual economic adjustments.
The Central Bank of Cuba's recent launch of a three-segment foreign exchange market—Segment I at 24 pesos per USD, Segment II at 120, and a floating Segment III—has generated public interest and questions. In an interview, Ian Pedro Carbonell Karel, director of Macroeconomic Policy and deputy to the National Assembly of People's Power, clarified the strategy's objectives.
The segmented rates enable gradualism: protecting vital goods and services, incentivizing foreign currency generation, and regulating flows toward eventual unification and elimination of the illegal market. Unlike prior fixed rates, Segment III floats based on real supply, demand, availability, and macroeconomic conditions.
"The mechanism allows flexible adjustment to the macroeconomic environment, minimizing distortions and shifting exchange rate formation from speculative informal spaces," Carbonell Karel explained.
Key advantages include grounding rates in actual transactions for price stability, reduced volatility, and informed consumption. Official remittance channels offer lower costs, security, and transparency over informal options. International collaborators and aid workers exchange earnings at the Segment III rate. MLC account balances convert to Cuban pesos at the published rate via Transfermóvil or EnZona, without commercial margins.
These reforms curb inflation by aligning expectations, though success depends on controlling money supply and boosting goods availability in pesos. The gradual rollout minimizes shocks, allowing adaptation while fostering sustainable economic reactivation.
"This approach ties into creating incentives compatible with Cuba's realities," the director concluded.
