The Central Bank of Cuba (BCC) issued this Wednesday some clarifications on the establishment of limits on banking operations for cash withdrawals and transfers announced by Banco Metropolitano on January 10.
In information Published on its website, the BCC explains that there is “an international practice of applying due diligence in banks and within it, establishing limits on customer transactions, according to the nature of the operations, in attention to whether these are natural or legal persons”, which extends to the signatory countries of various international conventions.
It adds that these limits have been applied in Cuba since 1997 and “have been adapted according to the development of the financial market” and those recently adopted, in accordance with the rise of digital technology, seek to “preserve market discipline.”
The BCC indicates that the new limitations are not aimed “at impairing the rights over financial resources, but are aimed at reinforcing the financial education of citizens and preventing them from becoming involved, knowingly or not, in illegal actions or evasion fiscal”.
Therefore, the current measure “is aimed at strengthening the use of accounts according to their nature, whether personal or corporate, and to establish greater transparency for citizens.”
According to what is now established, for the operations of personal accounts related to salary, retirement, savings, fund formation and collaboration, from which movements between natural persons are executed, a daily limit per operation of 80,000 Cuban pesos (CUP) is established. ) and a maximum of up to 120,000 per month; In the case of the MLC, the daily limit per operation is up to 1,000, and a maximum of up to 5,000 per month.
“Customers who need to carry out operations between natural persons for amounts greater than those specified above, request it in person at the banks,” the statement stated.
In addition, it states that “natural persons do not have any limitation to transfer financial resources from their personal accounts to make payments to legal entities and other economic agents for any reason (reservations in tourist facilities, merchandise or services purchased, among others).”
These operations transit without restriction through electronic payment channels, aspects that, the BCC indicates, will continue to be developed by the banking system and without limitation for economic activity.
Nor would restrictions other than those related to its operations be applied to “transactions that take place between legal entities and other agents of the economy from their corporate accounts, which are those linked to businesses and are related to payments and activities authorized in their corporate or business purpose, from which the obligations with the treasury are established, which are the largest volume”.
The institution added that all measures taken to comply with its commitments “are subject to analysis and modification, depending on the circumstances in each period,” and announced that the most recent ones applied by Banco Metropolitano will be implemented by the other banks in the country in the following days.
The limitations on electronic transfer operations and cash withdrawals were criticized by users in comments made on social networks and some came to consider them as a kind of “corralito”.
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The measure has been announced in the midst of a complex panorama in the country, plagued by a prolonged and deep economic crisis that has been aggravated by various factors, including the little effect of the measures adopted by the government to reverse the complex situation.
The scarcity of products generates increasing inflation, which raises prices and the need for much more cash to pay for goods and services in the informal market.
