Tuesday, 20 March 2012 08:58
Havana, Cuba, Mar 20.- The Central Bank of Cuba (BCC) updated and
relaxed the rules governing the import and export by individuals of
freely convertible currency, of Cuban pesos and of the payment
instrument called convertible peso.
The measures came into force on March 17, upon publication in the
Official Gazette of resolutions 17 and 18, 2012 issued by the Minister
President of BCC, Ernesto Medina Villaveirán.
According to the legal regulations imports of hard currency (MLC) for
individuals is free, including cash, checks or other means of payment
used in international banking practice.
Those who enter the country with an amount exceeding five thousand US
dollars or its equivalent in other MLCs in cash, are obliged to report
to officials of the General Customs of the Republic.
When leaving the country individuals can freely export up to five
thousand U.S. dollars or its equivalent in other MLCs in cash or by
check or other means of payment used in international banking practice.
The BCC president may authorize persons seeking to export amounts
greater than those stated, upon submission by the applicant of documents
proving their lawful ownership.
Among other provisions, the resolutions provide that temporary resident
aliens in the country with work permits who receive income in MLC may
send such currency abroad through a bank.
The regulations also allow Cuban citizens domiciled in the country and
permanent resident aliens, to export and import upon their departure or
arrival in Cuba amounts not exceeding two thousand Cuban pesos (CUP) in
cash and in any denomination.
But the regulations bam the export of the means of payment denominated
convertible peso in any denomination, as well as the export of Cuban
pesos by way of payments not related to trade.
The BCC noted that exports and imports of old currency (without monetary
value) and samples of CUP and convertible pesos, for collecting or of a
patrimonial nature, are governed by specific regulations. (Prensa Latina)
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