United States: Cuba on Monday began suspending dollar cash deposits

Madrid, 21 years old (Europe Press)

Cuba on Monday begins suspending dollar cash deposits on the island to counter the US-imposed blockade of the country, which has caused losses of $9,157 million (about €7,683 million) between April 2019 and December 2020.

The Governor of the Central Bank of Cuba, Marta Sabina Wilson Gonzalez, indicated at a press conference that due to the intensification of measures imposed by Washington, the bank will temporarily suspend the deposit of dollars starting today, June 21.

In this scenario, the Cuban Central Bank on Sunday opened bank branches to deposit dollars in cash before the suspension decree issued by the same central institution took effect.

The temporary suspension of Cuba’s “green leaves” has caused the euro to rise both on the island and in Miami, where much of the Cuban exile resides, converting 90 pesos per euro.

Cuban Foreign Minister Bruno Rodriguez confirmed that the US embargo on Cuba results in monthly losses of 436 million dollars (more than 365 million euros). According to Rodriguez, total losses have reached nearly $150,000 million (126 billion euros) since the North American country imposed its ban six decades ago.

Rodriguez pointed out that the decision of the banking system to temporarily stop accepting deposits in dollars “is an essential measure to protect the economy, as long as there are obstacles imposed by the blocs on their use abroad.”

The Director-General of the Cuban Ministry of Foreign Affairs of the United States, Carlos Fernandez de Cosio, emphasized that the blockade and the increased measures are entering an attempt “to sabotage our economy, create instability in the living conditions of the population, and attack the financial sector.”

“Putting ourselves on the list of state sponsors of terrorism translates into a practical impact on the payment and collection process in our international commercial and financial activity. Cuba is taking measures for legitimate defense,” he stressed.