Cuba Central Bank Authorizes Cuba's Postal Service To Provide Financial Services. Continuing Expansion For Receiving And Spending Funds Assists Private Sector
/From CUBA STANDARD (8/27/21)- In an apparent response to the U.S. blacklisting of Fincimex — the Cuban counterpart of U.S. remittance companies — and of Banco Financiero Internacional (BFI), the Central Bank empowered Cuba’s postal system to provide financial services.
With Resolution 208, published Aug. 26 in the Gaceta Oficial, the central bank authorizes Grupo Empresarial Correos de Cuba to “act as a non-financial support entity for financial institutions on national territory”. The postal service will now be able to receive international bank transfers and money orders and deposit them in consumers’ hard-currency bank accounts in Cuba. Consumers will now be able to use post offices to effect transactions with magnetic cards connected to those accounts and make deposits and cash withdrawals in Cuban pesos.
LINK To Gaceta Oficial Resolucion 208 Banco Central de Cuba (8/26/21)
Recent Remittance-Related Analyses
Healthcare Crisis In Cuba Provides Additional Questions And Opportunities For Biden-Harris Administration To Address Electronic Remittance Transfers... And Do So Practically August 19, 2021
Cuba Issues 175 Pages Of Regulations For Micro, Small And Medium-Sized Enterprises (MSME's) August 20, 2021
Cuba Links Resumption Of Remittances From United States To Expanding Investment Opportunities For Cuban Residents Abroad August 06, 2021
Cuba Expands Again Role Of Private Sector- Suppliers, Foreign Currency Access August 05, 2021
Cuba Suspends Tariffs And Fees For Non-Commercial (SME's Next?) Solar Systems. Another Opportunity For Biden-Harris Administration To Support U.S. Exporters And Florida Companies Should Benefit. July 30, 2021
Biden-Diaz-Canel Remittance Compromise: U.S. And Cuba Companies Suspend Transaction Fees Until 31 December 2021. Impact On 800 Publix Markets July 27, 2021
U.S. Department Of State Memorandum: The 17 Company Members Of The CRWG- Moving Remittances And Using Remittances; Cuba Entities Need Be Part Of The Process July 26, 2021
If A Product Costs At Least 2,500 Pesos (US$104.16), Customers In Cuba Now May Obtain Financing: Terms Are 2.5% Interest With 20% Down July 24, 2021
Biden Administration Wants To Deny Cuba's Government (Military) With Earnings- Conditional Resumption Of Product Filled Flights To Airports In Cuba Benefits Self-Employed; By-In From Congress? July 19, 2021
Is Biden-Harris Administration Nearing Decision To Reverse Trump-Pence Administration Prohibition On Cuba Military Earning Money From Remittances? July 15, 2021
Cuba Central Bank Moving Nearer To Regulations For Cryptocurrencies- Another Signal To United States That Cuba Is Changing. Private Sectors Are Expanding- Though Government Remains Reluctant August 27, 2021