A new measure applied by the Central Bank of Cuba (BCC) allows making flexible the use of bank accounts in freely convertible currency for the purchase and sale of goods and services in these currencies in the private sector.
“The decision was made taking into account the experience in the implementation of the legal provisions referring to the use and operation of bank accounts for the purchase and sale of goods and services in freely convertible currency,” the state-run newspaper Granma explained.
— Banco Popular de Ahorro, Cuba (@CubaBPA) September 11, 2021
According to the information, people who comply with this new resolution can open bank accounts in freely convertible currency at Banco Metropolitano S.A., Banco Popular de Ahorro and Banco de Crédito y Comercio, and are operated by swipe cards.
“Foreign legal entities, as well as associative forms, can also open current accounts in freely convertible currency at Banco Internacional de Comercio S.A. and Banco Financiero Internacional S.A.” Bank accounts that operate in freely convertible currency, the note clarifies, may not be used to present import services to third parties.
Cubans established on the island could use the bank accounts in freely convertible currency to purchase merchandise in establishments that sell in this currency, and pay for the import of products through the accounts in freely convertible currency of the Ministry of Foreign Trade and Foreign Investment or others authorized to carry out this type of transaction.
With these accounts, individuals can receive funds through bank transfers from abroad in any currency; bank transfers from freely convertible currency accounts operated by other individuals in Cuban banks; forms of non-state management; micro, small and medium-sized enterprises; foreign legal entities, associative forms, agricultural producers and other authorized subjects; FINCIMEX S.A. transfers for remittances; and cash deposits in freely convertible currencies accepted by the Central Bank of Cuba, the official organ of the Communist Party of Cuba (PCC) explained.
Resolution 222/2021, published this September 9 in the Gaceta Oficial, corresponds to new government measures that would allow the private sector to be given greater autonomy and boost the Cuban economy based on the relationship between the state sphere and the self-employed market.