Dollars Accepted Again at Banks and Non-banking in Cuba

Resolution 63 of 2023 of the Central Bank of Cuba, dated April 6, 2023, has been published in the Extraordinary Official Gazette No. 26 of April 10, 2023.

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Resolution 176 of June 2021 prohibited the acceptance of the U.S. dollar in cash by banks and non-bank financial institutions for bankarization; now, it is repealed by Resolution 63 of 2023.

From this moment on, financial and banking institutions will accept U.S. dollar cash deposits in bank accounts, and the acceptance of this currency in foreign currency purchase and sale transactions in the Exchange Market will be maintained as at present. Said derogation responds to the current circumstances and priorities of the economic policy of the Republic of Cuba.

This measure is taken in accordance with the country's current economic scenario marked by a recovery from the COVID-19 pandemic, a reactivation of the tourism sector and a gradual revival of productive activity and services.

Although the measures of maximum economic pressure remain in force which have extremely reinforced the economic blockade, particularly those aimed at hindering Cuba's external financial flows and preventing deposits abroad of U.S. dollars in cash.

Among other measures, the exchange market established in August 2022, has created the conditions to accept, as in the past, both the possibility of making deposits in US dollars in financial and banking institutions, as well as receiving that currency in cash from exchange operations.

Since the policy of economic pressure that led to the June 2021 decision remains in force, the underlying problem has not been solved; it will be necessary to monitor the evolution of banking and financial activity as from this new step.