Cuba bans foreign tourists from using dollars

Since June 21, the tourists to visit Cuba they will not be able to manage with Dollars. And the measure will be governed by Undefined time. “In view of the obstacles imposed by the economic blockade of the United States so that the national banking system can deposit cash abroad in Dollars Americans who are collected in the country, the decision was adopted to temporarily stop the acceptance of banknotes of this currency in the Cuban banking and financial system ”, explained the Central Bank of Cuba in a statement.

“This is an essential decision because the Cuban banking system (…) has restricted for more than a year and to unusual extremes the possibilities of depositing funds in international banks. american dollar bills collected on national territory. During this period, the government of that country strengthened the coercive measures blocking, especially in the field financial“the bank’s statement continues.

However, the cuban bank made it clear that the Cuban banking system would continue to receive dollar transfers made from abroad on MLC accounts. In addition, “individuals may retain in their possession, without restriction, US dollars or any other foreign currency”.

No transaction can be made in dollars, but Cubans who own them will be able to keep them; this is supposed to encourage illegal currency trading

Tourists without dollars

In relationship with tourism, everyone is wondering what currency visitors who come to the island will be able to handle. The U.S. dollars Cash will not be accepted in the country for the duration of this measure. “To cover their expenses, they have to use a currency other than the US dollar,” they said from the Central Bank to point out something that, in practice, has already been happening for some time: euros What do foreigners bring today? better placed than dollars as currency of exchange.

So the euro it will gradually become the currency of reference for foreign exchange on the island, although many believe that the dollar will continue to circulate even though it is now an illegal market.

An effective term has not been established for the new measure: “It will depend on whether the restrictions are lifted which prevent the normal functioning of the procedures for exporting the American currency ”, specifies the official information.

MM CP