Cuban banks will have high-denomination bills starting this month and ATMs will return to normal functioningAccording to Ronald Molina Fariñas, commercial manager of the Santa Fe branch of Banco Popular de Ahorro (BPA) on Isla de la Juventud, told state digital media Victoria.
The media emphasized that “the limited availability of cash at ATMs is temporary in nature and is not due to an arbitrary strategy to enforce the use of swipe cards.” However, he acknowledged that “the latter is being sought.”
The truth is that more than a month has passed since the entry into force of Resolution 11/2023, which started banking services in the country on August 3, Cubans continue to stand in very long lines at banks to collect checkbooks and salaries or to withdraw cash that you need for your daily operations.
According to Molina Fariñas, this situation should be reversed this month and ATMs will again be available 24 hours a day.
The manager pointed out the causes of the deficit in high-denomination banknotes the “new economic actors” as responsible because they handle large amounts of moneyalthough he believed that they solved the problems of “daily livelihood” in the country.
“It was a gradual process, little by little fewer notes of this denomination were returned to the bank. Solving a problem always creates a new problem, right? And this arises with the consolidation of new economic players. Your presence is welcome and.” “It alleviates in many ways the problems of our daily life. They are valued, but they manage large amounts of cash and need it to buy from other economic actors,” he reasoned.
“The bank has requirements for the recovery of significant amounts. They require more time and leave tax trails that imply a tax liability at the end of the year. This does not suit many new economic actors and does not streamline their operations,” confirmed Molina Fariñas.
“Consequently, large banknotes change hands among each other without returning to the bank,” he explained.
Questioned regarding printing banknotes with very high denominations, for example 10,000, 50,000 and 100,000 pesosAs a possible solution, the official said that an issue is being prepared in the country, but with the same high denominations that already exist.
“I know that the issuance of large banknotes is now being completed, but they are the same as now. It will be in our hands in September. The ATMs will be back to normal and available 24 hours a day, as they always have been.” And that’s not all: “A series of complementary measures already implemented will stabilize the situation without putting pressure on very high levels nominal values,” said the manager.
The director of the bank branch, Luis Rodríguez Pantoja, assured that traditional instruments such as checks and transfers are not disappearing and that those who do not have a magnetic card “will continue to receive cash in cash”. He also explained that people who pay digitally will receive a bonus.
“To boost e-commerce, the bank favors customers who use payment channels and this bonus is currently 6%.”
The Cuban government is trying to convince the population of the benefits of banking, even though it has made it obvious Its purpose is to confiscate the money that Cubans do not deposit in banksas experts have warned in DIARIO DE CUBA.
The state press has highlighted the benefits of the regime’s move to eliminate the use of cash in several articles.
This Saturday the government carried out a fair along Galiano Street in central Havana with the aim of promoting “the payment of goods and services through electronic payment platforms.”such as Transfermóvil and EnZona, and support national banking policy,” reported the state portal Cuba debate.
The fair, which ran from 8 a.m. to 5 p.m., featured meat, clothing, shoes, agricultural products, cell phone items and cleaning products.
Employees from Xetid, Etecsa, Joven Computing Club and other institutions trained and advised users on how to use electronic payment gateways.
In addition, a 10% bonus applied to the purchase of goods and services through POS and online payments with QR codes on Transfermóvil and EnZona boulevards.
According to First Vice Minister of Communications Wilfredo González Vidal, quoted by state media, “we will win to the extent that we gradually build trust in the use of technologies and see that citizens see that they work well.” much more economic efficiency when using platforms.”
Self-employed people interviewed Cuba debate They described the alternative of electronic payment as positive and assured that it would be accepted by the population.
A customer who paid cash said the prices and offers were good after buying croquettes and bread. Another consumer, who bought oil, bread and a toilet module via electronic payment, described the offer as “varied and in many cases affordable, in others the prices have not yet been reached.”
The affordability of at least some of the products offered at the Galiano fair contrasts with the high prices that Cubans complain about daily. and shows the government’s willingness to expand electronic payments.
