Cuba suspending cash bank deposits in dollars, citing US sanctions

Cuba suspending cash bank deposits in dollars, citing US sanctions

11/6/2021 5:13:00 AM

Cuba suspending cash bank deposits in dollars, citing US sanctions

Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S. sanctions that are restricting its ...

WorldFILE PHOTO: Cuban and U.S. notes are seen in this illustrative photograph taken in Havana March 14, 2011.REUTERS/Desmond Boylan/File Photo11 Jun 2021 09:53AMShare this contentBookmarkHAVANA: Cuba said on Thursday (Jun 10) it would temporarily stop accepting cash bank deposits in dollars, blaming tighter US sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers.

Singapore tells UN General Assembly it will help small states with digitalisation and COVID-19 recovery Moderna vs Pfizer: Both knockouts, but one seems to have the edge Students on quarantine, health risk warning may sit for national year-end exams: MOE

The move came shortly before the government was due to present its annual resolution to end the crippling, decades-old US trade embargo on the Communist-run country at the United Nations General Assembly.AdvertisementAdvertisementSome Cubans and analysts speculated it was an attempt to control the black market price of the dollar. That has risen to more than twice the official exchange rate since the import-dependent country started opening stores selling in hard currency and stopped selling greenbacks due to a cash crunch.

Cuban bank account holders will have until Jun 21 to deposit dollars before the suspension takes effect."It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process US currency in cash," the Cuban Central Bank said in a statement shared by state-run media.

It added that the measure would not affect operations carried out by transfer or deposits in other currencies that are freely convertible and accepted in Cuba.AdvertisementAdvertisementMore than 20 banks have stopped processing transactions involving Cuba since former President Donald Trump tightened US sanctions on the island nation, Central Bank Vice President Yamile Berra Cires said in a roundtable discussion on state television.

For many years, Cuba had a 10 per cent tax on dollars, citing how difficult it was for the government to use them because of the US embargo. But it lifted that tax last year as it opened more shops selling in hard cash rather than in the local currency.

US President Joe Biden, a Democrat, vowed during his campaign to reverse some of Republican Trump's Cuba measures that “have inflicted harm on the Cuban people and done nothing to advance democracy and human rights".But he has yet to roll back any measures and his administration has said a shift in policy toward Cuba is not among its top foreign policy priorities.

Read more: CNA »

Permission to Dance? BTS sing their way through United Nations

NEW YORK — Fully vaccinated South Korean band BTS danced its way through the United Nations (UN) in a Monday (Sept 20) broadcast, promoting global goals tackling poverty, inequality, injustice and climate change ahead of the annual UN gathering of world leaders.

China-US tension: state media reports amphibious landing drill after US senators land on TaiwanThe Chinese military has conducted an amphibious landing exercise in waters near Taiwan amid renewed tensions between Beijing and Washington. According to the official WeChat account of the Eastern Theatre Command of the People’s Liberation Army, its 72nd Group Army carried out naval training that included transporting amphibious vehicles and conducting an assault landing in unspecified waters south of Fujian Province, which faces the self-ruled Taiwan island. The social media post on Tuesday ca

US provides over US$181 million to avert famine in Tigray, EthiopiaThe United States is providing more than US$181 million to deliver food, water and aid to feed more than three million people it said were facing ...

Artificial intelligence startup DataRobot seeks to raise US$500 million - sourcesREUTERS: DataRobot is in advanced discussions to raise fresh capital of about US$500 million in a funding round that could value the machine ...

US calls on Nigeria to end Twitter suspensionThe United States on Thursday condemned the Nigerian government for suspending Twitter and targeting individuals who use the social media site in ...

Amazon faces potential US$425 million EU privacy fine - Inc could be fined more than US$425 million under the European Union's privacy law, the Wall Street Journal reported ...

US commerce secretary to Chinese counterpart: China's policies are 'unfair'The Biden administration's top commerce official told her Chinese counterpart Washington is concerned about Beijing's industrial policies, the ...