Cuba accelerates the bankarization of its operations

Havana, Aug 2 (RHC) Authorities of the Central Bank of Cuba (BCC) announced this Wednesday a group of actions to accelerate the banking operations in the country, aimed at reorganizing monetary flows.

In a press conference, the vice president of the BCC Alberto Quiñones reported that the measures will be gradually implemented starting this Thursday. This process is carried out under the principle of maintaining equality among all economic actors.

He specified that the provisions issued by the bank, which seek to promote the use of electronic payments, are published in the Official Gazette.

Quiñones indicated that among the approved measures is the maximum limit of five thousand Cuban pesos for minor operations by economic actors, and in the case of movements that exceed that figure, electronic channels must be used.

He explained that only cards associated with pensions, savings accounts, salaries and bonuses can be used in the ATM network. He added that all businesses selling goods and services must have electronic means of payment incorporated.

The vice president of the BCC stressed that with the new provisions "a process in accordance with international standards is being accelerated, since electronic payments are daily in the lives of citizens of any country".

On the other hand, the general director of Operations and Payment Systems of the BCC, Julio Pérez, commented that there are more than 15 million cards on the island, and that 200 million banking operations were processed through electronic means last year.

The directors specified that the entities that are included in the Official Gazette must deposit their income in cash in their checking account, no later than one day after the collection and in the case of non-state actors, the deposit is made in the account recognized for tax purposes.

While the withdrawals of money for the payment of salaries, subsidies and other social security and student benefits must be made at most three days before the date established for payment.

They reiterated that cash payments are maintained, and in territories where the conditions created to implement the banking actions do not exist, a period of six months will be given to seek new alternatives. (Source: PL)