{"id":249717,"date":"2022-02-26T13:43:34","date_gmt":"2022-02-26T18:43:34","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=249717"},"modified":"2022-02-26T13:43:34","modified_gmt":"2022-02-26T18:43:34","slug":"obstacles-to-cuban-banking-operations-increase-due-to-u-s-sanctions-according-to-official","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba-usa\/obstacles-to-cuban-banking-operations-increase-due-to-u-s-sanctions-according-to-official\/","title":{"rendered":"Obstacles to Cuban banking operations increase due to U.S. sanctions, according to official"},"content":{"rendered":"

The obstacles to Cuba\u2019s international banking operations have increased in recent years, due to the impact of the <\/span>U.S. embargo on the island<\/span><\/a>, according to official sources.<\/span><\/p>\n

In the last three years, \u201cmore than 850 actions have been registered to prevent operations with foreign banks,\u201d according to Juan Jorge Galego, an official of the <\/span>\u00a0Central Bank of Cuba (BCC)<\/span><\/a>.<\/span><\/p>\n

Galego, who is the manager of International Relations and Protocol at the BCC, <\/span>affirmed<\/span><\/a> to Prensa Latina (PL) news agency that between 2019 and 2021, U.S. sanctions on Cuba hindered \u201cnegotiations and exchanges with issuing entities from all regions, which increased transaction costs.\u201d<\/span><\/p>\n

The official added that \u201csuch measures were applied in a very complex scenario, characterized by the impact of the COVID-19 pandemic, in the midst of which an important part of these actions was associated with the acquisition of medicines, raw materials and other resources for the health sector, as well as food for the population.\u201d<\/span><\/p>\n

In addition, he criticized the validity of the restrictions on the use of the U.S. dollar in the island\u2019s commercial and financial transactions, which, he said, even makes it \u201cimpossible for Cuban citizens residing abroad to open a bank account in the country where they are.\u201d<\/span><\/p>\n

These restrictions on the use of the dollar outside the Cuban borders and the \u201cobstacles of the blockade for its export,\u201d motivated the authorities of the Caribbean country to \u201ctemporarily prohibit\u201d as of June 2021 the cash deposits of the U.S. currency in its banking and financial institutions, Galego recalled. This has had a strong impact on the population and has multiplied the price of the dollar <\/span>in the informal market<\/span><\/a>.<\/span><\/p>\n

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