Cadeca, the currency exchange shop in Cuba, will be disappearing by 2020.

With the preamble of the disappearance of the CUC (Cuban convertible peso) arrives on the Island noticia Some Cadecas (banks) will be annexed to banks in some municipalities across the country next year, according to announcements by Osvaldo Bermúdez, director of this exchange institution in the province of Villa Clara. The change is now underway, as these measures will be adopted in January 2020.

In Villa Clara, at least 10 municipalities (out of 13 in total) will no longer have the financial institution, being annexed to the banks. This is seen as the first step towards their total disappearance, given that the cuc The Cuban peso will cease to circulate at some point in the country, and inflation of the Cuban peso will reach very high levels. The restructuring, in fact, is scheduled for this December.

View: Cadeca Cuba Exchange Rates

The official warned that the changes are based on avoiding unpleasantness for the population who wish to use the Cadecas (National Banks) while they are moving their headquarters. This information comes because of growing public commentary and speculation in Villa Clara. For example, in this province, it was announced that the municipalities of Placetas, Manicaragua, and Quemado de Güines will lose their Cadecas in early January. The Banco Popular de Ahorro (BPA) will assume the typical management of what was previously an independent institution.

It will be the same, because banks already had this currency exchange function. What will be an inconvenience will be the lines, because on days when currency exchanges, more payments to retirees, and business services come together, banks cannot keep up. But according to Bermúdez, banks will improve their comfort and the number of ATMs around them. Regarding the Western Union points, which were generally located in these stores, it is indicated that they will be taken over by Cimex stores in each municipality. In Villa Clara, for example, only Cadecas will remain in Santa Clara, Sagua la Grande, Remedios, and Caibaríen, in the northern keys area. In addition to the one located near Abel Santamaría Airport.

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