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Cuba sets steps to speed up banking operations

Havana, Aug 2 (Prensa Latina) Authorities of the Central Bank of Cuba (BCC) announced on Wednesday a group of actions to speed up domestic banking operations in order to rearrange money flows.

At a press conference, BCC’s Vice-President Alberto Quiñones informed these new steps will be gradually set, noting that such a process is being conducted under the principle of equality among all economic actors.

Quiñones detailed that BCC´s provisions, which seek to boost the use of e-payments, are issued in the Official Gazette.

The official indicated that among measures approved is the CUP$ 5.000 maximum limit for minor operations, in case of operations exceeding such an amount, costumers must use e-payment services.

He also explained that only pension, saving account, wage and bonus cards may be used in the ATMs.

Quiñones added that all merchants of goods and services must have incorporated electronic means of payment.

The entities included in the Official Gazette must deposit their cash income in their current bank account, at the latest one day after the collection, and in the case of non-state actors, the deposit is made in the recognized account for tax purposes.

Cash withdrawals for the payment of wages, subsidies and other social security and student relief must be made no further than three days prior to the deadline for payment. pll/omr/rgh/mks

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