00:00We go now to Cuba because the central bank announced on Wednesday the implementation of a new exchange market structure,
00:07including a daily floating exchange rate segment for currencies alongside two existing fixed rates.
00:14Central Bank President Juana Lilia Delgado Portal said that having different foreign exchange rates causes problems,
00:20encourages informal activity and makes it hard to track economic activity throughout banks and taxes.
00:26The authorities also aimed to create conditions for gradual temporary foreign exchange market transformations
00:34and a new three-segment structure was designed as a transitional scheme to avoid a sharp disruptive devaluation.
00:43The reform aims to gradually recover the convertibility of the Cuban peso and move towards monetary convergence.
