Cuba Still Unable to Make Financial Transactions in US Dollars

Source:  Prensa Latina
May 6 2016

Cuba and its financial institutions are still unable to use the US dollar for certain transactions, despite the announcement of the US administration, according to the Cubadebate website.

cuba minrexCubadebate, which today published statements by a senior official of the Foreign Ministry, said that nearly two months after the US government announced Cuba could use the US dollar, the country is still unable to perform any banking transaction with the currency.

On March 15, the US Treasury and Commerce departments removed some of their bans on the currency, a decision which was originally intended to enter force the following day, shortly before President Barack Obama’s visit.

The National Association of Small Farmers (ANAP) also issued a statement on the decision of the US State Department to include coffee on the list of Cuban products, from the non-state sector, which could be imported into the US.

The ANAP highlighted that in order to do so, among other conditions, they would need to carry out financial transactions in dollars, which they have so far been unable to do.

Cuban financial institutions are not allowed to have corresponding banks in the United States

Cubadebate added that Cuban financial institutions are not allowed to have corresponding banks in the United States, which increases the cost and unnecessarily extends proceedings, even when Cuba uses currencies other than US dollar.

Before Obama’s visit to Havana, Cuba announced it would remove the tax of 10 percent to the dollar entering the country, but only when there are no longer limitations against Cuban organizations making financial transactions in the currency

One thought on “Cuba Still Unable to Make Financial Transactions in US Dollars

  1. Pingback: Cuba Still Unable to Make Financial Transactions in US Dollars | National Network on Cuba

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