Advantages of banking use of U.S. dollar highlighted

Cuban Minister of Foreign Affairs Bruno Rodríguez stressed today that the banking use of the dollar will benefit the national economic activity and the population.

Rodríguez pointed out on Twitter that the measure is motivated by the current conditions in the country, despite Washington’ s continuous measures that hinder Cuba’s external financial flows and prevent foreign deposits of cash dollars.

For his part, Cuban Minister of Economy and Planning Alejandro Gil explained that the decision supports the gradual recovery of the economy. He stressed that now it is possible to bank and put into Freely Convertible Currency (MLC) cards, which could be done with other currencies and not with the U.S. dollar.

The Central Bank of Cuba (BCC) announced on Monday that it will once again accept cash deposits of U.S. dollars in bank accounts, thereby annulling the existing prohibition in this regard. The institution explained that the decision, with immediate application, responds to the current circumstances and priorities of the country’s economic policy, in a scenario where tourism is revived and productive activity and services are gradually recovered.

In this way, it will be possible to make deposits in U.S. dollars in financial and banking institutions, as well as receive them in cash through exchange operations.

Meanwhile, foreign currency purchase and sale operations in the foreign exchange market will continue as they have been up to the present.