Cuban banks once again accepting deposits in US dollars

In a bid to ease the economic crisis in Cuba, the government has announced that banks will once again accept cash deposits in US dollars.

This comes after a two-year ban on the practice was lifted.

The ban was implemented in 2021 due to ongoing difficulties caused by the US embargo, which has been in place for more than six decades.

While the resolution by the Central Bank of Cuba (BCC) is effective immediately, it also acknowledges that the economic pressure from the US remains, and the root of the problem has not been solved.

Under the Trump Administration, the sanctions on Cuba were further tightened, making it increasingly difficult for Cuba’s Central Bank to find international banks willing to receive cash deposits in dollars.

The Biden Administration has yet to lift the sanctions, but officials from both countries have been holding meetings to address the issue of Cubans migrating irregularly to the US. Last year, a record 220,000 Cubans were caught crossing the US-Mexico border.