Title: Cash Shortage at Cuban Banks Leaves Citizens Unable to Withdraw Transfers
Subtitle: Customers frustrated as Banco Metropolitano fails to meet demand for euros and dollars
Date: [Insert Date]
Since the beginning of June, hundreds of Cubans across the island have been unable to withdraw bank transfers in cash from Banco Metropolitano branches. The bank cited a severe lack of currency cash to cover the demand from clients who receive euros or dollars as remittances.
Lara Matamoros, one such frustrated customer, expressed her dissatisfaction while waiting at a Banco Metropolitano branch, saying, “Not even receiving remittances in currency can you live in this country.” Matamoros, along with other customers, criticized the bank for offering unclear explanations for the shortage. Some were told there was a provision prohibiting the withdrawal of euros and dollars, while others were informed that it was a temporary measure to ration the flow of foreign currency transfers.
The situation has left many Cubans questioning the actions of the regime and the authorities responsible for managing the country’s banking system. Numerous Havana residents voiced their concerns, stating that the explanations provided by the bank only added to their confusion and offered little hope for a short-term solution.
Jose Ernesto Rodríguez, a customer who has received monthly transfers in currency since 2014, shared his experience of encountering difficulties while trying to change a damaged $100 bill. The contradictory information he received from different branches highlighted the lack of clear guidelines for cash transactions within the banking system.
Banco Metropolitano’s attempts to provide solutions to its customers have been met with skepticism. Accepting the national currency at a state exchange rate, entering the transfer amount directly onto the MLC card, or joining a waiting list for future withdrawals were among the proposed options. However, many customers rejected these alternatives, citing concerns about their financial autonomy and lack of trust in the MLC card system.
According to Banco Metropolitano directors, cash availability is supposed to be limited to a maximum of 15 days. However, this timeframe places an undue burden on families who need to manage their finances to survive.
Eberto Carbonell, an economics graduate, speculated on the causes of the cash deficit. He pointed to the regime’s push to dollarize the country, suggesting it may have contributed to the mismanagement and unwise financial operations within the banking entities.
The cash shortage in Cuban banking entities is occurring amidst the country’s worst economic and financial crisis in over six decades. Havanans speculate about various potential causes, including the verdict of the London Trial, involvement in money laundering operations by micro, small, and medium-sized enterprises (MSMEs), and high-ranking officials seeking an escape route in anticipation of popular unrest.
The situation is equally discouraging for those who rely on the MLC card service as an alternative to cash withdrawals. Reports indicate serious issues with the Transfer Móvil service, leading customers to question how long it will take for the system to recover.
Arletis, a customer responsible for two elderly people with serious health issues, expressed her difficulties with checking her card balance and using the card for purchases due to outdated technology at stores and limited access to ATMs.
The cash shortage and inadequate digital alternatives have left Cuban citizens feeling trapped and frustrated. The absence of viable solutions has escalated their concerns about the country’s economic stability and their own financial well-being.