Cuban expert stresses impact on tourism of new banking regulations

HAVANA, Cuba, Apr 11 (ACN) Jose Luis Perello, PhD in Economic Sciences, described as a measure that benefits the recipients of remittances from the United States and international tourism the decision to accept dollars in cash again in banks and non-bank financial institutions in the country.

Consulted by the Cuban News Agency on the implementation of Resolution 63 of the Central Bank of Cuba (BCC), the Cuban expert in Tourism Development stressed that of the 752,231 foreign tourists who visited Cuba in the first quarter of this year, 41,140 were Americans and 74,780 Cuban-Americans who would be carrying U.S. dollars.

In line with the regulation published on Monday 10 in the Official Gazette of the Republic, Perello, who is also the head professor, said that with the repeal of Resolution 176 of June 2021, it will be possible to carry out operations in U.S. dollars in tourist entities through financial and banking institutions, as well as to receive them in cash through exchange operations.

The operations and cash deposits of US dollars in bank accounts are back, something that should not have been prohibited once the country opened its borders after the pandemic, said the Doctor in Economic Sciences, and he also pointed out that international tourism is showing signs of recovery.

The only modification is that the USD is once again accepted for deposits in MLC accounts, which does not mean that the free circulation of the dollar in Cuba is authorized, he clarified in his statements.

The current economic scenario of the country, says the resolution, having overcome the COVID-19 pandemic, 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.

The regulations state that this decision was adopted even though the measures of maximum economic pressure are still in force, which 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.