CUBA STANDARD — Arguing that U.S. sanctions make it increasingly difficult to unload cash dollars in third countries, Cuba’s Central Bank ordered all banks to stop accepting U.S. currency in cash.
“Given the obstacles imposed by the U.S. economic blockade for the Cuban banking system to deposit abroad cash U.S. dollars collected in the country, the decision has been made to temporarily stop the acceptance of bills in that currency by the Cuban banking and finance system,” the Banco Central de Cuba said in a statement, adding that the stop will be in effect as long as the United States keeps up pressure on third-country banks to not accept dollars from Cuba.
The unexpected measure, effective June 21, forces Cubans — who have increasingly been receiving cash dollars through informal channels after U.S. pressure forced remittance giant Western Union last fall to shut down its network in the island — to change yet again their ways of obtaining much-needed hard currency, and it is expected to further raise prices for scarce goods.
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