Cuban banks allowed to accept US dollars again

Cuban financial and banking institutions have resumed accepting cash in US dollars for crediting to bank accounts of customers, the Cuban News Agency reports, citing a statement by the country's Central Bank.

“The current economic scenario for a country that has overcome the covid-19 pandemic, with the start of a revival of tourism, the resumption of the presence of foreign visitors and the gradual restoration of manufacturing activities and services, advises taking this step, even if maximum economic pressure measures remain in place,” the message says.

Thus, the Cuban regulator lifted the ban on accepting cash dollars, introduced in June 2021. Tourists were advised to take any other currency as cash, with the exception of the US. This decision in the Central Bank of Cuba was explained by the "economic, commercial and financial blockade of the United States." The regulator noted that in such a situation, it is becoming increasingly difficult for Cuba to find international banking or financial institutions that are ready to receive, convert, and process cash in US currency.

In August 2022, the Cuban authorities resumed the sale of currency to the public, which was suspended in June 2021. They promised to sell dollars to citizens at the rate of 120 Cuban pesos per DOLLAR . The decision was made as part of measures to create a foreign exchange market in the country.

As El Universo pointed out, the suspension of the sale of currency to the public in June 2021 was preceded by the January financial reform, which fixed the exchange rate at 24 Cuban pesos per dollar. After that, the price of American currency on the black market increased five times.