Cuba Again Allows US Dollar Cash Deposits in Local Banks

Havana, April 10 (ACN) Cuba’s Central Bank issued on Monday a news release announcing that financial institutions and banks in Cuba are already accepting US dollar cash deposits in bank accounts, while the US dollar will continue to be accepted at the exchange market.

Cuba’s Central Bank Resolution 63 of 2023 has been published at the Official Gazette dropping Resolution 176 of June 2021, which prohibited the acceptance by Cuban financial institutions and banks of US dollars in cash. Such move responds to the current circumstances and priorities of Cuba’s economic policies.

Having overcome the COVID-19 pandemic, counting on the reactivation of the local tourist sector, the increasing arrivals of foreign tourists and the progressive recovery of production and services, the suggestion is to go ahead with the acceptance of cash US dollars even when the country is facing economic sanctions imposed under the US economic blockade, particularly those measures aimed at hindering financial transactions and the deposits of US dollars abroad.

The currency exchange established in August 2022 has created conditions to accept the deposits of US dollars in financial institutions and banks or to receive cash dollars in currency exchange activity.

However the original reason that forced the country to not accept US dollars in cash at local banks as of June 2021 is still there as part of the US policy of economic pressure.

So following the new step the performance of all banking and financial activity will be monitored trusting its beneficial effect for the country’s economic performance and for the people, while any necessary adjustment could be undertaken.