Wednesday, December 01, 2021

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Cuban banking system under strong US pressure

Cuban banking system under strong US pressure

Havana, Apr 8 (Prensa Latina) Official reports today consider that the banking and financial system of Cuba is under strong pressure from the United States, with losses that exceed 284.3 million dollars.
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A tweet from the Ministry of Foreign Trade and Investment (Mincex) of this island reflects such a problem that occurs amid outbreaks of the Covid-19 pandemic.

The note reiterates the demand for a repeated global request to suspend said economic, commercial and financial restrictions of the blockade, which have already lasted for more than 50 years.

The Cuban monetary system is headed by the Central Bank of Cuba, and is made up of nine commercial entities, 14 financial institutions (non-banking), nine foreign representation offices and four non-bank representation offices.

Furthermore, the process of granting licenses to operate in the national territory goes through an analysis of the Licensing Commission, the Banking Supervision Committee, and the approval of the Board of Directors of the Central Bank of Cuba (BCC).

The creation of the BCC appears under decree law of May 28, 1997, and endowed the country with an institution capable of concentrating its forces in the execution of the basic functions inherent to the central bank, established through the BCC itself, and banks and institutions .

Since January 1, 2021, Cuba executes the Ordering Task, whose main purpose is monetary unification, giving priority to the Cuban Peso (CUP), as reflected in the reports of that parent company.

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