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International News: After 2 years, Cuba lifts ban on cash deposits in US dollars at banks

Posted: Tuesday, April 11, 2023. 8:42 am CST.

By Zoila Palma Gonzalez: After 2 years of Cubans being unable to deposit US dollars in cash into their bank accounts, Cuba has announced that the ban has been lifted.

According to the BBC, the announcement came on Monday among the worst economic crisis to hit Cuba in years.

Cubans are suffering due to food shortages, medicines and fuel shortages.

The Central Bank of Cuba (BCC) published the announcement in Cuba’s Official Gazette on Monday.

The gazette cites the increase in tourism in Cuba and the “gradual recovery of the service industry and the productive sector.”

In addition, it noted that “economic pressure” from the United States led to the ban in the first place.

For over 60 years, Cuba has been under US sanctions but sanctions became increasingly challenging under the former Trump administration since it was difficult for Cuba’s Central Bank to find international banks willing to receive dollars in cash from Cuba.

 

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