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Cuba temporarily suspends cash bank deposits in U.S. dollars

mesa redondaAs a result of measures associated with the asphyxiating U.S. blockade of our country, the Central Bank of Cuba announced the temporary suspension of cash deposits of U.S. dollars in Cuban banks, as of June 21, 2021.

“This is a measure meant to protect the Cuban banking and financial system, which applies only to U.S. currency in cash, not existing accounts in this currency. Deposits of U.S. dollars in accounts held by individuals and legal entities are not affected by this measure in any way,” the Central Bank announcement states.

According to the press release issued, this is “a necessary decision, given that, for more than a year now, the Cuban banking system’s ability to deposit U.S. dollar bills, collected within national territory, in international banks has been restricted…

“The scenario is further aggravated by the increase in U.S. currency in cash arriving in the country as a result of U.S. government prohibitions on the regular, institutional flow of remittances.”

The announcement added, “The duration of this measure will depend on elimination of restrictions that prevent the normal functioning of export procedures for U.S. currency.”

Central Bank Vice President, Yamilé Berra Cires, pointed out that since 2005 a total of 35 foreign banks have terminated operations with Cuba, 12 of which had been heavily fined by the U.S. government, and since 2017, 106 banks have canceled messaging keys, which make communication possible between international financial institutions and their counterparts in Cuba. She explained that, in 2020 alone, 95 foreign financial institutions took 190-plus actions against Cuban banks, under pressure from U.S. policies.

(Taken from Granma)

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