Hello, my friend. Large state enterprises are placed in the first segment, with an exchange rate of 1 USD = 24 Cuban pesos (CUP)—clearly overvalued, as is the second segment’s rate of 1 USD = 123.60 CUP, now reserved for other government-picked medium-range state enterprises and maybe some strategical private entities with proved capacity to export in a sound fashion. Until yesterday, citizens were formally located in this second segment, and, in the best-case scenario, could buy 100 dollars at that rate only once a year through a virtual queue system; a friend waited for more than two years.

Thus, the government has now introduced a third segment, where the exchange rate—which will float—is currently around 1 USD = 410 CUP. This is the segment in which citizens are effectively placed today, subject to the referred virtual queues, and now competing with SMEs and other non-state economic actors. These actors have been the main beneficiaries so far, since they were previously outside the legal framework for purchasing dollars. Thanks for showing interest in this issue and best regards, always, from the Island.