Shortage of Cash Grips Cuba Amidst Inflation Crisis
Inflation, economic turmoil, soaring prices, and a surge in foreign exchange rates on the black market have left Cubans grappling with yet another challenge – a shortage of cash. The lack of liquidity has become so severe that ATMs are running empty, workers are unable to withdraw their salaries from magnetic cards, and banks have halted payments due to the dearth of currency.
The situation has prompted thousands of Cubans across the country to rely on their savings, borrow money, or simply struggle to survive while waiting for meager salaries that hold little value. Even this option seems increasingly uncertain as reports reveal that even state media employees, like Guantánamo-based radio and television program director Yodalis Blet, are unable to collect their salaries due to the cash shortage in banks.
Blet recently took to her Facebook profile to express her frustration, stating that there was no money in the banks of Guantánamo, making it impossible for her to withdraw the transfer sent from Havana. This revelation echoes the concerns raised by the state press itself, highlighting that Culture, INDER (National Institute of Sports, Physical Education, and Recreation), and Education sectors are among the worst affected, experiencing significant delays in receiving payments.
The scarcity of cash in Cuba has caught the attention of citizens, who have been actively voicing their grievances on social media platforms. This evident lack of liquidity prompted the Central Bank of Cuba (BCC) to introduce measures aiming to alleviate the crisis, such as the “banking” initiative. However, concerns linger, particularly among private investors – a major source of capital flow in the country – who fear potential obstacles that may arise as a result.
Cubans in Havana and beyond are feeling the strain caused by the shortage of cash. Limited access to authorized ATMs in the capital’s Vedado neighborhood is exacerbating the problem, with authorities citing the lack of funds available to replenish them. Reports have emerged of individuals resorting to borrowing money as an act of desperation, emphasizing the immense difficulties faced by ordinary citizens and retirees.
The overall sentiment among Cubans reflects frustration and despair. Many are describing life on the island as exhausting and unbearable. The current situation has further exacerbated the hardships faced by the population, pushing them to the limits. As the shortage of cash grips Cuba, it exacerbates the already dire economic crisis, leaving citizens to wonder when relief will arrive.