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Samson: Cuba suspends acceptance of bank cash deposits in dollars

11th June, 2021

Yesterday, Thursday, the Cuban Central Bank announced the suspension of accepting cash deposits in dollars as of June 21 (June), stressing that it is a “protection” measure against the backdrop of the ongoing US embargo.

The Central Bank said, in a statement, that “Cuban financial and banking institutions will temporarily stop accepting cash deposits in dollars.” He added that deposits in other currencies “are still acceptable, as are bank transfers in dollars.”

Carlos Fernandez de Cosio, head of the Americas Department at the Cuban Foreign Ministry, said it was an “unavoidable and indispensable” measure because of the US embargo.

Since 1962, the island has been subject to a blockade that makes dollar exchange difficult. It has tightened during the era of former US President Donald Trump with more than 240 new measures that are still imposed since the current President Joe Biden took office.

The Central Bank explained that the national banking system is facing more difficulties in dealing with international banks through dollar deposits on Cuban soil, due to the embargo.

The central bank statement said, “We have reached a situation in which it is becoming increasingly difficult to find international banking or financial institutions that are ready to receive, convert, or exchange US currency for other currencies.” He added that the duration of this measure “will depend on whether the sanctions that prevent the export of US dollars will be removed.”

In November 2019, Cuba opened stores where payments are made exclusively in US currency in order to collect dollars transferred to Cuba by Cuban expatriates living abroad, especially in the United States.

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