Havana/The Cuban government has frozen the bank accounts of several foreign companies and will not allow them to repatriate the currencies they have, in some cases of several million dollars. As Efe revealed this Thursday from knowledgeable sources, the announcement has generated a strong discomfort among the affected companies, which in some cases have complained to their respective governments.
“We are in total disagreement. It is not government money (Cuban), but money from companies,” complained to the Spanish agency a businessman, who denounces the blockade of his account, whose funds can only use for operations within the country.
In return, the Cuban authorities are offering those affected – in a series of individual meetings that call “interviews” – the possibility of opening a new type of bank accounts in currencies on the island.
This possibility is a pilot and “very restricted” project, although some voices tell Efe that their use could be extended to mixed companies. With this, theoretically, these companies could operate without limitations, because these accounting notes will have monetary support, they have been assured. These accounts, however, will admit only new capital, then, the agency states, that of the previous accounts cannot be transferred: only exterior transfers will be accepted.
The money from the previous accounts cannot be transferred, only exterior transfers will be accepted
Some foreign companies that attract investment to the island are already beginning to open and operate these types of accounts, of which apparently already enjoy companies of Gaesa, the business conglomerate of the revolutionary armed forces that controls the strategic sectors of the national economy, of tourism to telecommunications, and has retail trade establishments, banks, gas stations and real estate, among others.
Among the affected foreign companies there are those who see this measure as a painful, but necessary step. They claim that restrictions were already a fact for years and trust that with new accounts they can carry out international operations or repatriate benefits.
Many entrepreneurs, however, have received the offer loaded with skepticism for the bad memory of previous experiences, such as the extinct convertible weight (CUC) or the virtual freely convertible currency (MLC), and doubt that the current conditions of these new accounts will be maintained in the future given the crisis situation in the country.
The theoretical advantage of these new accounts is that they would be in principle immune to the serious liquidity problems of Cuban banks, a completely state -state sector after the triumph of the revolution, although the sources do not detail
The Cuban financial system is currently crossed by multiple difficulties, from the different types of parallel change to decapitalization and lack of liquidity, both in Cuban pesos – rational since last August – and in foreign exchange, with different discretionary degrees of limitations.
Access to foreign exchange is strongly limited since at least last year because the State is going through great financial difficulties and is resorting to funds in the banking system for Acquire basic goods abroad, including fuel.
The Cuban state holds the monopoly of foreign trade and currently imports around 80% of what is consumed on the island, with priority in oil and food, before the collapse of national production.
In this context, the Cuban authorities have initiated in recent months two banking processes (to reduce the circulation of cash) and dollarization (of administrative procedures and state services) in order to capture a greater volume of foreign exchange of the economy and be able to face payments abroad.
Spain is first among the countries involved in the tourism industry in Cuba
Spanish companies with presence in Cuba, especially large hotel chains, are waiting to learn more about the warning, EFE also says this Thursday.
The main Spanish hotel chains have interests in Cuba, including Meliá, Iberostar, Be Live, Roc, Barceló, Valentín, NH, Blau, Axel and Sirenis, and some have expansion plans in the country, according to data from the ICEX, the Spanish Agency for Export and Investments.
From the point of view of business presence in the tourism sector, Spain is first among the countries involved in the tourism industry in Cuba, with more than 100 administration contracts approved to date, managed by some 20 foreign chains, some of which also have mixed companies, according to these data.
Likewise, several Spanish companies are involved in the development of large real estate projects associated with golf courses, three of which (Globalia, Atlantic Group Investment and Golf and Resort beach) have agreements signed with the Cuban authorities.
Several years ago, the debts of the Cuban State with more than 250 Spanish companies raised the complaints in the sector
The companies consulted by EFE have avoided ruling on this matter, and only Meliá has assured that, for the moment, they have not communicated anything.
Several years ago, the debts of the Cuban state With more than 250 Spanish companies They lifted the complaints of the sector and forced Pedro Sánchez’s government to intervene. In a visit to Havana on the occasion of the opening of the Tourism Fair, dedicated that year to the European country, the then Minister of Industry, Commerce and Tourism of Spain, Reyes Marotohe asked the regime with a payment plan for his debt to Spanish businessmen, as well as a reduction in bureaucratic obstacles so that they can do business on the island.
In return, it offered Madrid’s support for investment in 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 convey to Cuba in 2015.
