Cuban Central Bank suspends US dollar deposits nationwide – Officials call embargo 'barrier'

The Republic of Cuba suspends the use of US dollars due to embargo restrictions on US and foreign banks. Cuba's central bank restrictions stem from "the obstacles that the US embargo puts on the national banking system." Cuba's ban on deposits in USD, the BCC told tourists to "come with a currency other than the dollar", said the island nation of Cuba, where the Caribbean Sea, Gulf of Mexico and the Atlantic Ocean meet, has US dollars in the country this week. The post comes from the country's central bank, and foreign tourists have been told to leave US dollars at home when they visit. The announcement was made at a roundtable meeting broadcast on state-sponsored Cuban television. "Given the obstacles that the U.S. embargo has created in the national banking system to the foreign investment of U.S. dollars collected in the country, it has been decided to temporarily suspend U.S. banknote deposits in Cuba's banking and financial system," he said. said members of the Bank of Cuba (Banco Central de Cuba, BCC). BCC Vice President Yamilé Berra Cires announced at the roundtable that the US tightened its grip on the embargo at the start of the Trump administration's leadership. The United States has placed an embargo on Cuba since 1958, and the United States also had numerous problems with Cuba during the Eisenhower and Kennedy presidency. After the 2008 crisis, the United States and Cuba became increasingly amicable during the Obama presidency. On Friday, the Miami Herald reported that the USD on the Cuban black market rose 3 times more than the global exchange rate of 70 Cuban pesos. But BCC vice president Berra Cires claimed problems have worsened since Trump and said 24 foreign banks have stopped trade with Cuba. Berra Cires also said at the roundtable that 95 foreign financial institutions had reported on business violations by Cuban national banks.

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