In the Extraordinary Official Gazette No. 26 of April 10, 2023, Resolution 63 of 2023 of the Central Bank of Cuba, dated April 6, 2023, has been published, which repeals Resolution 176 of June 2021, which prohibited the acceptance of the US dollar in cash by banks and non-bank financial institutions, for its banking.

The repeal of Resolution 176/2021 responds to the circumstances and current economic policy priorities. The current economic scenario of the country, having overcome the COVID 19 pandemic, with the start of the revival of tourism, the resumption of the presence of foreign visitors and the gradual recovery of productive activity and services, advises taking this step, even when the maximum economic pressure measures that have greatly strengthened the economic blockade remain in force, particularly those aimed at hindering Cuba's external financial flows and preventing cash deposits of United States dollars abroad.

The exchange market established in August 2022, among other measures, has created the conditions for accepting, as it was in the past, both the possibility of making deposits in US dollars in financial and banking institutions, as well as receiving that currency in cash from exchange operations.

Since the policy of economic pressure that gave rise to the June 2021 decision remains in force, the underlying problem has not been resolved. Therefore, it will be necessary to monitor the evolution of banking and financial activity from this new step, with the confidence that it will be beneficial for the national economic activity and for the population, and with the willingness to make the adjustments that are pertinent according to your behavior.

From this moment on, financial and banking institutions will accept US dollar cash deposits in bank accounts, and the acceptance of this currency in foreign currency purchase and sale operations in the Foreign Exchange Market will remain as it has been up to the present.

Central Bank of Cuba

April 10, 2023