- Title: Cuba limits company access to ATMs, cash transactions
- Date: 3rd August 2023
- Summary: HAVANA, CUBA (FILE – APRIL 4, 2023) (REUTERS) EXTERIOR OF BUILDING WITH SIGN READING (Spanish) "CENTRAL BANK OF CUBA†VINTAGE CAR PASSING IN FRONT OF CENTRAL BANK OF CUBA BUILDING HALL WITH SIGN READING (Spanish) "CENTRAL BANK OF CUBA†NEXT TO CUBAN FLAG AND BUST OF CUBAN NATIONAL HERO, JOSE MARTI
- Embargoed: 17th August 2023 20:12
- Keywords: ATM Cuba Havana bank economy
- Location: HAVANA, CUBA & CALI, COLOMBIA
- City: HAVANA, CUBA & CALI, COLOMBIA
- Country: Cuba
- Topics: South America / Central America,Economic Events
- Reuters ID: LVA002213703082023RP1
- Aspect Ratio: 16:9
- Story Text:The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis.
The regulations went into effect on Thursday (August 3). They limit cash transactions to 5000 pesos and will be implemented gradually over six months, official media said.
Communist authorities are seeking to curb galloping inflation which the government puts at 45% so far this year and control the devaluation of the peso by taking a series of measures to promote "banking" in the country and encourage the use of "electronic payments", said a statement published on Thursday in the official media.
Economy Minister Alejandro Gil said late last month gross domestic product grew 1.8% in the first half of the year, but remained 8 percentage points below pre-pandemic level in 2019, causing shortages of food, medicine, fuel and other basic goods, as well as long lines to buy them when they are available.
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