Bank accounts available for non-agricultural cooperatives
The Central Bank of Cuba (BCC by its acronym in Spanish) published in the Gaceta Oficial (Official Gazzette), in PDF format, the Regulations on bank accounts to be used by first degree non-agricultural cooperatives (CNA by its acronym in Spanish). In less than a year from the start of the experimental process of creation of these cooperatives, there are already 200 in operation and more than 500 have been approved so far. Whether for state-owned or self-employment non-agricultural cooperatives, it is useful to review Resolution No. 35 de 2014 by the Minister-President of the Central Bank of Cuba, published on May 21, 2014 in the Official Gazette of the Republic of Cuba. According to the Juventud Rebelde newspaper, the Resolution states that candidates to become founding partners of a first degree non-agricultural cooperative (those being created these days) who wish to contribute with a certain amount of money in Cuban pesos for the constitution of a cooperative must apply for a deposit account at sight in Cuban pesos to place that amount. This step can be performed in every branch of Banco Popular de Ahorro (BPA by its acronym in Spanish), Banco de Credito y Comercio, BancoMetropolitano S.A.; or in...