Mexico City.- Mexico.- Following the publication of Resolution 63/2023 in the Extraordinary Gazette in relation to approval of deposits in US dollarsthe Central Bank of Cuba (BCC) published in its official page more information about it.
In a “questions and answers” format, the entity clarified some doubts about the announcement.
The first thing they reaffirmed is that US dollars may be deposited in cash on MLC (Freely Convertible Currency) cards. The text explains that no currency exchange operation is carried out, that is, “if you are going to deposit 100 USD in cash, 100 USD will be credited to your account”.
They also ensure that dollars can be withdrawn when the client needs them, but (and there is always a but) this will depend on availability. In other words, if you don’t have the bank the amount you want to withdraw will take your data and put you on a waiting list.
On the other hand, the entity proposes as an alternative in case there are no dollars that you request other currencies that operate in the country, such as the Australian dollar, New Mexican peso, British pound, Norwegian krone, Japanese yen, among others.
Also, the collection of cash sent from abroad is maintained at the official exchange rate.
Why now and not before?
According to the official note, the causes that prevented the non-acceptance of USD cash deposits in 2021 are still present. “For Cuba it is extremely complex to deposit foreign currencies abroad. The limitations to extract or sell currencies were given because the demands of USD for withdrawals from bank accounts and purchases with pesos, were higher than the cash stocks in USD, which, by not entering the banks, began to decrease.
However, on April 10, they announced the change because supposedly with the implementation of the exchange market in August 2022, this situation improved but did not satisfy the demand. “In cases where the USD is insufficient, the banks offer other available foreign currencies, but there are people who want the USD and are waiting for availability. By allowing the deposit of USD, this situation should improve”.
If you wish to travel abroad, Banco de Cuba specifies that cash can be withdrawn from foreign currency accounts in foreign currencies that are accepted in the country. But, if the requested foreign currency is not available, the bank takes the data from the request and notifies the client when the requested amount is available.
Up to USD 5,000.00 is established for the exit of the country from the country, or its equivalent in other currencies, which does not require a declaration from the traveler. From that amount, authorization from the BCC must be requested.
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