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Cuban Banks To Temporarily Stop Accepting Dollar Cash Deposits Citing U.S Sanctions

Citing U.S tight sanctions, Cuba recently disclosed that banks in the country would temporarily stop accepting cash deposits in U.S. dollars starting from Monday.

This measure was adopted by the government 10 days ago to tackle the impact of new sanctions imposed on the island as part of the long-running U.S. trade embargo.

The move was necessary since Cuban banks were barred more than a year ago from making U.S. dollar deposits at international banks, the Central Bank of Cuba said in a statement.

“The provision does not restrict operations carried out by transfers, or cash deposits of other freely convertible currencies accepted in Cuba and is only applicable to the U.S. dollar (in cash),” the bank said.

How long the measure will remain in place depends on the sanctions, which prevent the normal functioning of export transactions in U.S. dollars, the bank added.

The trade embargo, which has been in place since 1962, was intensified by the former U.S. administration of Donald Trump, which imposed more than 240 sanctions and restrictions, including the suspension of remittances to Cuba.

News/Image: Xinhua Net | BBC

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