• Submitted by: Luis Manuel Mazorra
• Business and Economy
• 03 / 23 / 2012

---

The rules laid down to regulate the import and export of currency by individuals freely convertible Cuban pesos and convertible pesos have been recently renovated and made more flexible by the Banco Central de Cuba (BCC).

The measures came into force on March 17, upon publication in the Official Gazette resolutions 17 and 18, 2012 issued by the Minister President of BCC, Ernesto Medina Villaveirán, reported Prensa Latina.

According to legal regulations on imports of hard currency (MLC) for individuals is free, cash, checks or other means of payment used in international banking practice.

Who they entered the country carry an amount exceeding five thousand dollars or its equivalent in other MLC in cash, are obliged to report to officials of the General Customs of the Republic.

When leaving the country individuals can freely export to five thousand U.S. dollars or its equivalent in other MLC in cash or by check or other means of payment used in international banking practice.

BCC also president may authorize persons seeking export amounts greater than those listed, 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 be remitted through a bank such currency abroad.

The regulations also allow Cuban citizens domiciled and permanent resident aliens, to export and import to your departure or arrival in Cuba amounts not exceeding two thousand Cuban pesos (CUP) legal tender, cash and any denomination.

But banning the export of means of payment denominated convertible peso legal tender in any denomination, as well as export shipments pesos by way of trade.

The BCC said that the export and import of parts and specimens demonetized Cuban pesos and convertible pesos, as a numismatist or property, are subject to specific rules that regulate them.