USD banking to benefit economic activity, Cuban FM asserts

HAVANA, Cuba, Apr 11 (ACN) Bruno Rodriguez Parrilla, Cuban foreign minister, said today on Twitter that the recent announcement of the bankarization of the dollar (USD) will benefit the national economic activity and the Cuban population.

Cuban diplomat stated that the measure is motivated by the current conditions of the country, and will bring benefits despite the validity of U.S. regulations that hinder Cuba's external financial flows and prevent deposits abroad of USD in cash.

Monday's Extraordinary Official Gazette No.26 published Resolution 63 of 2023 of the Central Bank of Cuba, dated April 6, which repeals Resolution 176 of June 2021, which prohibited the acceptance of the US dollar in cash by banks and non-banking financial institutions, for its bancarization.

The text referred that such resolution responds to the current circumstances and priorities of the economic policy.

The current economic scenario of the country, after overcoming COVID-19, with the beginning of the revival of tourism, the resumption of the presence of foreign visitors and the gradual recovery of productive activity and services, makes it advisable to take this step, even though the measures of maximum economic pressure remain in force that have extremely reinforced the economic blockade, particularly those aimed at hindering Cuba's external financial flows and preventing deposits abroad of US dollars in cash, the information added.

From this moment on, financial and banking institutions will accept USD cash deposits in bank accounts, and the acceptance of this currency in foreign currency purchase and sale operations in the exchange market will be maintained as at present.