Cuba to Accept Deposit of Dollars in Bank Accounts

Starting today, financial and banking institutions will accept cash deposits of U.S. dollars in bank accounts, and the acceptance of this currency in the purchase and sale of foreign currency in the Exchange Market will remain as it has been so far, according to a Note from the Central Bank of Cuba (BCC).

In the Extraordinary Official Gazette No. 26 of April 10^th, 2023, Resolution 63 of 2023 of the Central Bank of Cuba, dated April 6^th, 2023, has been published, which voids Resolution 176 of June 2021, which prohibited the acceptance of the U.S. dollar in cash by banks and non-bank financial institutions, for its banking.

According to the information, the void 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 start of the revival of tourism, the resumption of the presence of foreign visitors and the gradual recovery of productive activity and services, recommends taking this step, even when the measures of maximum economic pressure that have reinforced the economic blockade remain in force, particularly those aimed at hindering Cuba's external financial flows and preventing deposits of U.S. dollars in cash abroad, the note clarifies.

It explains that the exchange market established in August 2022, among other measures, has created the conditions so that it can be accepted, as it was in the past, both the possibility of making deposits in U.S. dollars in financial and banking institutions, as well as receiving that currency into cash from change operations.

Since the economic pressure policy that led to the June 2021 decision remains in force, the underlying problem has not been solved, the BCC reports.

Consequently, it adds, 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 the national economic activity and for the population, and with the willingness to make the needed adjustments according to its behavior.