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Tourists told to leave dollars at home as Cuban banks will no longer accept greenback

Tourists told to leave dollars at home as Cuban banks will no longer accept greenback
Cuba has asked tourists not to bring dollars with them to the Caribbean island, as the US currency will no longer be accepted in the country, according to the first vice president of the Central Bank, Francisco Mayobre Lence.

“People who will be coming into the country during this time will have to arrive with a currency other than the dollar,” the senior official said, as quoted by Granma, the official newspaper of Cuba’s ruling Communist Party.

Tourists will be allowed to use cards for payments, as well as make cash withdrawals in other currencies.

Earlier this week, the Cuban government announced that the country’s banks would temporarily stop accepting cash deposits in dollars. Havana cited severe US sanctions that prevent the nation from using the greenback abroad as the reason for the move.

Both measures come into effect on June 21, and the duration for which they will remain in force depends on the lifting of US sanctions, according to the bank.

Also on rt.com Cuba suspends dollar cash deposits in banks due to US sanctions

More than 20 banks have ceased processing transactions involving Cuba since former US president Donald Trump expanded existing sanctions on the nation.

Cuba had to impose a 10% tax on dollars for many years due to difficulties with using them because of the embargo. Cuban authorities lifted the tax in 2020 as the country opened more shops selling in hard cash rather than in the local currency.

For more stories on economy & finance visit RT's business section

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