Tuesday, December 21, 2010

U.S. Allows Remittances to Cuba in Pesos

U.S. Allows Remittances to Cuba in Pesos
Published December 21, 2010

Agencies that send remittances to Cuba will be able to send money orders
in Cuban pesos beginning Monday, as a new regulation of the U.S.
Treasury Department's Office of Foreign Assets Control takes effect.

The new regulation of the Treasury, which enforces Washington's nearly
50-year-old economic embargo against the communist-ruled island, takes
effect 15 months after the approval of several measures passed by the
administration of President Barack Obama to lift restrictions on
traveling and sending money to Cuba.

"This is a great step forward that will benefit Cubans living on the
island, since they won't have do any kind of currency exchange to get
their money. By the same token, the measure will facilitate the
procedures for sending remittances," Western Union executive Victoria
Lopez Negrete told Efe.

"Western Union has been sending money to Cuba since 1999 and has more
than 150 offices in Cuba, where we try to provide rapid, efficient
service. This new measure will make our work a lot easier," Lopez said.

The measure will allow anyone living in the United States to send money
orders to Cuba to aunts and uncles and cousins, to parents, brothers,
sisters and children, who will now receive them in the most direct way.


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