Cuba's First Private Currency Exchange Offers Higher Rates Than Informal Market
A private currency exchange in Cuba has started selling U.S. dollars at rates higher than the informal market, raising questions about its motivations and connections to the government.
The exchange, Aires de Tristá 64 (ADT 64), is located in Santa Clara and sells U.S. dollars for 730 Cuban pesos (CUP), which is 30 pesos more than the current informal market rate.
According to business databases reviewed by elTOQUE, ADT 64's registered purpose is actually in the field of gastronomy, selling ice cream, pizza, and hamburgers - products unrelated to currency exchange activities.
The government has confirmed that ADT 64 is part of a pilot program aimed at providing data to underpin the official exchange rate of Segment III, which caters primarily to individuals and non-state economic actors.