Title: Cuban Broadcaster Highlights Banking Challenges Amidst Economic Crisis
Publication Date: Saturday, July 1, 2023
A prominent pro-government broadcaster in Cuba recently took to social media to share her frustrating experience while attempting to withdraw money from a bank in Havana. Maria Ercilia Oramas Lopez expressed her frustration and shared amusing anecdotes about the obstacles she encountered during the process.
In her post, Oramas emphasized the need for “patience” when carrying out financial transactions under the current economic conditions. She humorously described the dismal state of ATMs in Havana, highlighting their limited functionality. Despite the difficulties, she urged the necessity to retrieve her funds.
To her surprise, when Oramas finally reached the cashier, she was informed that the bank only had 5-peso bills available and that the maximum withdrawal limit was set at 5,000 pesos. She found this situation puzzling, as it seemed impractical to withdraw such a large sum in such small denominations. Jokingly, she remarked that carrying a suitcase would be necessary for such transactions.
Oramas clarified that she only needed 200 pesos and patiently waited her turn. However, upon receiving her cash, she discovered that the 40 five-peso bills were dirty and in poor condition. Expressing her dismay, she pondered where the money came from, likening it to bills retrieved from a garbage can. Critically, she lamented the banks’ disregard for cleanliness in their currency distribution.
The broadcaster also referred to the economic crisis in Cuba caused by the coronavirus pandemic. In 2021, the Cuban government implemented the Ordinance Task to eradicate the dual currency system, replacing the CUC convertible peso. Although it aimed to establish a minimum wage of 2,100 pesos, the measure resulted in soaring inflation and severe shortages of essential goods such as food and medicine.
Furthermore, due to the escalating prices, the demand for physical money increased, depleting the availability of cash in banks. The government responded by encouraging the use of electronic payment systems, but many citizens lack access to this technology or are unfamiliar with its usage. The communist regime in Havana also stated that printing new banknotes is a costly endeavor, which they are unwilling to undertake.
Amidst the ongoing economic crisis, many Cubans continue to face significant challenges in conducting simple banking operations, as highlighted by Oramas’ experience. The story sheds light on the struggles faced by ordinary citizens grappling with financial difficulties in a country where basic necessities are scarce.