LatinNews Daily - 04 August 2022

In brief: Cuba seeks to undercut informal currency market

* Cuba’s economy minister, Alejandro Gil, and central bank president, Marta Sabina Wilson González, have announced a new exchange rate of 120 Cuban pesos (CUP) to the US dollar and new rates for other foreign currency as part of efforts to undercut the informal currency market. This compares with the official fixed rate of CUP24 for the US dollar and CUP115 on the informal market, according to the digital media platform El Toque which tracks the different rates. González said the new rate would float and only applied to certain sectors including airports, hotels, banks, and currency exchanges.

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