Advantages of US dollar bankization highlighted in Cuba

Minister of Economy and Planning Alejandro Gil explained on Twitter that the decision supports the gradual recovery of the economy.

He stressed that it is possible at present to bank and deposit US dollars in Free Convertible Currency (MLC) accounts, which could be done with other currencies but not with the US dollar.

“We are going in the right direction,” Alejandro Gil added.

The Central Bank of Cuba (BCC) informed on Monday that it will again accept cash deposits in US dollars in bank accounts, thus annulling the existing prohibition in this regard.

In a press release, the financial institution explained that the decision, with immediate implementation, responds to the current circumstances and priorities of Cuba’s economic policy, in a scenario where tourism is reviving and productive activity and services are gradually recovering.

Thus, it will be possible to make deposits in US dollars in financial and banking institutions, as well as to receive them in cash through exchange operations.

Meanwhile, foreign currency purchase and sale operations in the foreign exchange market will remain as at present.

“Since the policy of economic pressure that gave rise to the June 2021 decision remains in force, the underlying problem has not been solved,” the BCC emphasized, adding that in view of this circumstance it is necessary to monitor the evolution of banking and financial activities following this new step.

(Taken from Prensa Latina)