Cuba suspends dollar cash deposits in banks due to US sanctions — RT Business News

The Cuban authorities has introduced it can briefly cease accepting cash financial institution deposits in {dollars}. It blamed tighter US sanctions which can be proscribing its capacity to use the dollar overseas.

The transfer comes as the federal government was due to current its annual decision to finish the decades-old US commerce embargo on the nation on the United Nations General Assembly. Cuban checking account holders could have till June 21 to deposit {dollars} earlier than the suspension takes impact.

“It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process US currency in cash,” the Cuban Central Bank mentioned in an announcement, in accordance to Reuters. It added that the measure wouldn’t have an effect on operations carried out by switch or deposits in different currencies which can be freely convertible and accepted in the nation.

According to the financial institution’s vice chairman, Yamile Berra Cires, greater than 20 banks have halted processing transactions involving Cuba since former US president Donald Trump hardened sanctions on the island nation.

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For a few years, Cuba had a 10% tax on {dollars}, citing difficulties with utilizing them due to Washington’s embargo. The nation lifted the tax final yr because it opened extra retailers promoting in onerous cash slightly than in the native foreign money.

US President Joe Biden vowed throughout his marketing campaign to reverse a few of Trump’s Cuba measures that “have inflicted harm on the Cuban people and done nothing to advance democracy and human rights.”

However, a shift in coverage towards Cuba shouldn’t be among the many US’ high overseas coverage priorities, in accordance to the Biden administration.

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