Cuban Banks to Accept US Cash Deposits

As of April 12, Cuban banks will accept US cash deposits to bank accounts. The acceptance of the currency in purchase and sale operations in the Exchange Market will remain the same, according to the Central Bank of Cuba (BCC).

In the Official Gazette No. 26 of April 10, the BCC Resolution 63/2023 repealed the previous resolution whereby the banks and other financial institutions did not accept US cash.

The repeal of Resolution 176/2021 responds to the current circumstances and economic policy in Cuba. The measure also aims to control inflation and regulate the exchange rate between the dollar and the CUP.

The current economic situation, post-pandemic, international tourism revival, and the recovery of production and services, welcome this decision by the banks.

The note from the BCC explains that the exchange market established in August 2022, and other measures, has created the conditions to accept, both the deposits in US dollars at the Cuban banks and other financial institutions, and receiving the currency in cash in exchange operations.

Since the policy of economic pressure that led to the June 2021 decision remains in force, it has not solved the underlying problem, says the BCC. This is in reference to the continuing US sanctions against Cuba, blocking international banking transactions.

The policy change is viewed as beneficial for both the Cuban economy and the population.