The Central Bank of Cuba has decided to set the official exchange rate of the US dollar at 120 Cuban pesos to one dollar, which is five times higher than the current exchange rate (24 pesos to one dollar).

According to APA, the state television of the republic reported on this.


The exchange rates of other foreign currencies will also increase from Thursday.

In particular, the price of the euro will be higher than 122 pesos, currently its exchange rate is about 24 pesos to 1 euro.

The country's banks will start accepting US dollars in cash, which has been banned for more than a year.

When buying dollars, banks can charge a commission of up to 8%.