Havana14ymedi/The Cuban regime is informing foreign companies that they will not be able to extract or transfer abroad the foreign currency they currently have deposited in the country’s banks. This was confirmed to EFE by “multiple business and diplomatic sources.”
In parallel, firms are being offered the possibility of opening a new type of bank accounts, called “real”, which must be fed with “currency from abroad”. These can, however, be used for transfers abroad and cash withdrawals.
However, some foreign companies told EFE that there are also problems in these “real” accounts extracting foreign currency in cash and repatriating money.
The measure represents, says the agency in its note published this Thursday, a recognition of the non-explicit “corralito” that the country has been suffering for months and generalizes the model that the Cuban authorities tested in the first half of this year with a handful of foreign companies, information also provided by the Spanish agency. last April.
Although the regime formally restricted this type of operations from the beginning of 2025, in practice it already controlled the finances of its partners long before.
In fact, as a letter from the Vietnamese company Agri VMA –with facilities in Mariel– to which he had access 14ymedio Last July, although the regime formally restricted this type of operations from the beginning of 2025, in practice it had already controlled the finances of its partners long before, allowing them to make transfers only under express authorization.
In a desperate request for authorization, dated May 28, 2024, Agri VMA addressed three Cuban ministers to explain the urgent need to access their funds frozen in an account at the International Financial Bank – owned by the Cuban State – to send $300,000 to its headquarters in Vietnam. The company claimed to need these funds to “purchase raw materials and guarantee a perfect continuation of our services.”
It was not possible to know if the transfer was finally authorized, but the truth is that Havana became much more careful with its Asian ally – its second trading partner on that continent, after China, and the first in investment on the Island – in the last year. Agri VMA itself has not stopped making headlines for its “successful” rice project and last January it became the first foreign company to which the Cuban State gave land to exploit.
What is most suspicious is whether the regime has not been using these currencies to pay for its imports, in a context of absolute lack of liquidity in the banking system. Cuba has 334 businesses with foreign direct investment, of which 56 have 100% foreign capital, according to data from the Ministry of Foreign Trade.
According to what was published today by EFE, the plan is inserted within the management, control and allocation mechanism of currency that was provided for, although without details, by the Government Program to Correct Distortions and Reboost the Economy, the recently published anti-crisis measures plan.
According to the same agency sources, the Cuban Foreign Ministry met this Wednesday with the diplomatic corps to inform them of “a similar mechanism to alleviate the financial difficulties suffered by the representations of other nations,” although without having to open a “real” account. Thus, it was explained to them that a watershed date for their accounts will be announced shortly: foreign currency received from that moment on can theoretically be extracted and transferred abroad. The availability of prior funds is not guaranteed, they added.
The measure also takes place, months after it was announced by surprise to all foreign entities that they had to start paying rent in dollars.
These announcements, which show the banking, economic and financial crisis that the Island is suffering, take place at a time when many foreign companies are experiencing serious difficulties. These are aggravated by distortions in the exchange rate, since legal entities must operate at 24 pesos per dollar when the street exchange rate for the greenback is around 450.
The measure also takes place, months after it was announced by surprise to all foreign entities that They had to start paying rent in dollars of the properties they rent to state real estate companies and the salaries of their employees (which are paid through a state agency that receives a commission).
Neither the Cuban Government nor the Central Bank of Cuba – organically dependent on the Executive – have publicly reported on these measures or explained the causes, although experts and observers believe that the authorities have resorted to the previous foreign currency in these accounts to be able to make payments abroad.
On the other hand, several years ago, the debts of the Cuban State with more than 250 Spanish companies They raised complaints from the sector and forced the Government of Pedro Sánchez to intervene. On a visit to Havana on the occasion of the opening of the Tourism Fair, dedicated in 2018 to the European country, the then Minister of Industry, Commerce and Tourism of Spain, Reyes Marotoasked the regime for a payment plan for its debt with Spanish businessmen, as well as a reduction in bureaucratic obstacles so that they can do business on the Island.
In exchange, it offered Madrid’s support for investment on the Island, for example support lines for the internationalization of SMEs and, especially, the countervalue fund created with the 400 million dollars of debt that Spain forgave Cuba in 2015.
