Cuban Banks Stop Cash Deposits in US Dollars

Havana, June 10 (ACN) Cuba´s Central Bank announced on Thursday the temporary cut of cash deposits in US dollars, according to a press release read on Cuban radio and Television.

The information explains that in the face of hurdles imposed by the US economic blockade aimed at thwarting the deposits abroad by the Cuban banking system of US dollars collected in the country, the Central Bank decided to temporarily stop the deposits of US dollars bills in Cuban banking and financial institutions after June 21st.

The measure does not affect money transfers or cash deposits in other hard currencies accepted in Cuba, which can continue to be made without any limitations. It is only a measure to protect the Cuban banking and financial system only applied to cash deposits in US dollars. The accounts of individuals or legal entities in the American money will not be affected by the measure, the information explains.

This is an indispensable decision because the Cuban banking system, due to the limitations imposed by the US economic blockade, has seen itself restricted from depositing US dollars collected in Cuba in foreign banks for over a year now.

Cuba has found it increasingly difficult to find international banking or financial institutions willing to receive, convert or process cash US dollars as a result of the extraterritorial nature of the US economic, financial and commercial blockade of the island and the additional measures adopted over the past four years by the US administration, which are still in force.