CUBA STANDARD — In an apparent response to the U.S. blacklisting of Fincimex — the Cuban counterpart of U.S. remittance companies — and of Banco Financiero Internacional (BFI), the Central Bank empowered Cuba’s postal system to provide financial services.
With Resolution 208, published Aug. 26 in the Gaceta Oficial, the central bank authorizes Grupo Empresarial Correos de Cuba to “act as a non-financial support entity for financial institutions on national territory”. The postal service will now be able to receive international bank transfers and money orders and deposit them in consumers’ hard-currency bank accounts in Cuba. Consumers will now be able to use post offices to effect transactions with magnetic cards connected to those accounts and make deposits and cash withdrawals in Cuban pesos.
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