Cuba Banks Again Accepting U.S. Dollar Deposits. That's Good. Better Would Be Providing Regulations For U.S.-Sourced Direct Investment And Direct Financing To MSMEs. First OFAC License Waiting...
/“It is very useful for us as a company and more than now we need a lot of capital injection to face the crisis with the purchase of professional machinery. This gives us the possibility of having currency input that currently could not be exchanged into currencies other than USD.” Owner of an officially-registered Micro, Small, and Medium-Size Enterprise (MSME) located in the Republic of Cuba and owned by a Republic of Cuba national.
Granma
Havana, Republic of Cuba
10 April 2023
Financial and banking institutions will accept cash deposits of US dollars in bank accounts (+ Video)
From this moment on, financial and banking institutions will accept cash deposits of US dollars in bank accounts, and the acceptance of this currency in the operations of buying and selling currencies in the Exchange Market will be maintained as before.
Resolution 26 of 10 of the Central Bank of Cuba, dated April 2023, 63, which repeals Resolution 2023 of June 6, which prohibited the acceptance of the US dollar in cash by banks and non-bank financial institutions, has been published in the Extraordinary Official Gazette No. 2023 of April 176, 2021, which prohibits the acceptance of the US dollar in cash by banks and non-bank financial institutions, for its banking.
The repeal of Resolution 176/2021 responds to the current circumstances and priorities of economic policy. The current economic scenario of the country, having overcome the covid-19 pandemic, with the revival of tourism, the resumption of the presence of foreign visitors and the gradual recovery of productive activity and services, suggests taking this step, even though the measures of maximum economic pressure that have extremely reinforced the economic blockade remain in force, particularly those aimed at hindering Cuba's external financial flows and preventing deposits abroad of US dollars in cash.
The foreign exchange market established in August 2022, among other measures, has created the conditions so that both the possibility of making deposits in US dollars in financial and banking institutions, and of receiving that currency in cash from exchange operations, can be accepted, as it was in the past.
Since the policy of economic pressure that led to the June 2021 decision remains in place, the underlying problem has not been resolved. Therefore, it will be necessary to monitor the evolution of banking and financial activity from this new step, with the confidence that it will be beneficial for national economic activity and for the population, and with the willingness to make the adjustments that are pertinent according to their behavior.
From this moment on, financial and banking institutions will accept cash deposits of US dollars in bank accounts, and the acceptance of this currency in the operations of buying and selling currencies in the Exchange Market will be maintained, as until now.
Central Bank of the Republic of Cuba
Havana, Republic of Cuba
10 April 2023
En la Gaceta Oficial Extraordinaria No. 26 del día 10 de abril de 2023 ha sido publicada la Resolución 63 de 2023 del Banco Central de Cuba, de fecha 6 de abril de 2023, que deroga la Resolución 176 de junio de 2021, que prohibía la aceptación del dólar estadounidense en efectivo por parte de los bancos e instituciones financieras no bancarias, para su bancarización.
La derogación de la Resolución 176/2021, responde a las circunstancias y prioridades actuales de la política económica. El actual escenario económico del país, habiendo superado la pandemia COVID 19, con el inicio de la reanimación del turismo, la reanudación de la presencia de visitantes extranjeros y la recuperación paulatina de la actividad productiva y de servicios, aconseja dar este paso, aun cuando permanecen en vigor las medidas de máxima presión económica que han reforzado en extremo al bloqueo económico, en particular las dirigidas a entorpecer los flujos financieros externos de Cuba e impedir los depósitos en el exterior de dólares estadounidenses en efectivo.
El mercado cambiario establecido en agosto de 2022, entre otras medidas, ha creado las condiciones para que se pueda aceptar, como era en el pasado, tanto la posibilidad de realizar depósitos en dólares estadounidenses en las instituciones financieras y bancarias, como de recibir esa moneda en efectivo a partir de operaciones de canje.
Puesto que la política de presión económica que dio lugar a la decisión de junio de 2021 permanece vigente, el problema de fondo no se ha resuelto. Por consiguiente, será necesario monitorear la evolución de la actividad bancaria y financiera a partir de este nuevo paso, con la confianza de que resultará beneficioso para la actividad económica nacional y para la población, y con la disposición de realizar los ajustes que resulten pertinentes según su comportamiento.
A partir de este momento las instituciones financieras y bancarias aceptarán depósitos en efectivo de dólares estadounidenses en cuentas bancarias, y se mantendrá como hasta el presente, la aceptación de esta moneda en las operaciones de compra y venta de divisas en el Mercado Cambiario.
LINK https://www.bc.gob.cu/noticia/nota-del-banco-central-de-cuba/1736
