Cubans Face Issues with New Restrictions on Cash Withdrawals and Digital Payments
Cubans are expressing frustration and concern over new measures implemented by the Central Bank of Cuba (BCC) to control cash and promote digital payments. The new regulations, known as “banking,” have already begun to impact businesses and individuals.
Yulieta Hernández Díaz, president of the General Board of Partners in Grupo de Construcciones Pilares, spoke out about her experience with the new measures. She explained that on the first day of the publication of BCC Resolution R111/2023, she attempted to withdraw cash for reimbursement. However, she was informed by her bank branch that only 5000 Cuban pesos (CUP) would be allowed for withdrawal, despite the resolution not yet being in force. Despite presenting the Gazette and explaining the situation, her request was denied.
Díaz further explained that when attempting to make a refund of 5000 CUP after the resolution had come into force, her bank branch imposed additional requirements. She was asked to provide a letter of request and an explanation of how the funds would be used. The branch’s board of directors would then review the request, a process that could take up to 10 days. If approved, she would still have to wait for cash availability.
The impact of these restrictions has already been felt, with one construction site being paralyzed due to the unavailability of cash to purchase a necessary hydraulic accessory. The situation is further complicated by the lack of legal exchange markets and the inability to make online payments for transportation.
Many Cubans have expressed their frustration with the new measures, emphasizing the negative impact on businesses and the country’s development. Some feel that these measures are designed to exhaust and discourage small and medium-sized enterprises, ultimately leading to their closure. There are calls for better control of bureaucratic processes to prevent further harm to the economy and the livelihoods of the Cuban people.
The implementation of these restrictions on cash withdrawals and digital payments has raised concerns about the financial well-being of individuals and the ability of businesses to operate effectively. Cubans are left hoping for a resolution that will untangle these knots and provide a more favorable environment for economic growth.