Banco Central de Cuba makes the operation of accounts in MLC more flexible and expands its opening to other economic topics (+ PDF) ›Cuba › Granma

The Cuban Central Bank, on July 9, allowed the flexibility of the process between bank accounts that were enabled for the purchase and sale of goods and the provision of services in a freely convertible currency, and expanded the possibility of opening these accounts to other accounts. Economics topics.

The Resolution 222/2021, which entered into force by its publication in the Official Gazette No. 78 exceptional, includes the rules for the use and operation of bank accounts for the purchase and sale of goods, and the provision of services in the MLC by companies. Non-governmental administration (natural persons, non-governmental forms of administration, micro, small and medium enterprises, foreign legal entities, associative formulas, and any other licensed subject).

The decision was made taking into account the experience gained in implementing legal provisions related to the use and operation of bank accounts for the purchase and sale of goods and the provision of services in a freely convertible currency.

In accordance with the provisions now laid down, bank accounts in a freely convertible currency for the subjects of this Resolution are opened at Banco Metropolitano SA; Banco Popular de Ahorro and Banco de Crédito y Comercio are played by swipe cards.

Foreign legal entities, as well as union forms, can also open current accounts in a freely convertible currency at Banco Internacional de Comercio SA and Banco Financiero Internacional SA

It also warns that bank accounts in a freely convertible currency cannot be used to provide import services to third parties.

But all operations in Cuban pesos can be carried out at ATMs, point-of-sale terminals and other payment channels, as well as transfers, depending on the services provided by the issuing bank.

characteristics of some economic actors

With regard to natural persons, it is clear that they open bank accounts in the MLC for making corresponding payments for purchases at organizations authorized to make sales in freely convertible currency, as well as for payments related to the import of goods into accounts freely. Convertible currency for importing agencies authorized by the Minister of Foreign Trade and Foreign Investment or other competent authorities.

Through these accounts, normal people They can receive money by bank transfer from abroad in any currency; Bank transfers from MLC accounts managed by other natural persons in Cuban banks; non-governmental forms of management; micro, small and medium enterprises; foreign legal persons, union forms, agricultural producers and other authorized persons; FINCIMEX SA transfers for money transfers; Cash deposits are in freely convertible currencies accepted by the Central Bank of Cuba.

They can also receive transfers from accounts in Cuban pesos, backed by liquidity capacity, CL, with persons with whom they have a contractual relationship, as agreed between the contracting parties, in accordance with the current procedures.

In the case of natural and legal persons belonging to Forms of non-governmental management and micro, small and medium enterprises, it is possible to open current accounts in the MLC for the payment of import and export payments (through authorized import entities), for payment at the institutions responsible for marketing products and services in the MLC; and fulfill its obligations with franchisees, users and entities responsible for ensuring the development of infrastructure in the Mariel Special Development Zone or other authorized entities.

Natural persons belonging to non-state forms of management, with the exception of agricultural producers, require in all cases, in addition, to deposit an initial amount of not less than the equivalent of one hundred US dollars in MLC agreements accepted by the Central Bank of the State. Cuba.

These accounts receive funds from bank transfers from MLC accounts of foreign trade entities or economic actors in the Mariel Special Development Zone; From accounts operated by non-governmental forms of administration in Cuban banks, from abroad in any freely convertible currency not linked to commercial operations; through FINCIMEX for remittances; From cash deposits in currencies accepted by the BCC, and from accounts in Cuban pesos, backed by CL, in accordance with current procedures.

They do not accept cash deposits, checks or cash withdrawals in freely convertible currencies.

Micro, small and medium businesses to receive the percentage in Cuban pesos determined by the Ministry of Economy and Planning, and use the current account in Cuban pesos that they own or request to open an account, preferably in the same branch in which they work. Current account in freely convertible currency.

The associative formsOn the other hand, they open current accounts in MLC for retail foreign currency purchases and imports; and other authorized operations. These MLC checking accounts only receive funds from foreign bank transfers in any freely convertible currency; They do not accept cash deposits or withdrawals.

Finally, the Branches, representative offices, diplomatic missions, consular offices, international organizations accredited in Cuba and any foreign legal entity domiciled in the countryor opening current accounts in MLC or requiring banks to issue magnetic cards linked to current accounts they already own to make corresponding payments at institutions responsible for marketing products and services in MLC to those who have access and import operations in freely convertible currency to accounts of importing entities authorized by the Minister Foreign trade, foreign investment or other licensed entities.

These checking accounts only receive funds from foreign bank transfers in any freely convertible currency.

It has been determined that these provisions do not apply to accounts for specific purposes.

Resolution 222/2021 of the Central Bank of Cuba supersedes Resolutions 73, 112, 117, 125 and 163, in full for 2020.