14ymedio, Havana, 24 January 2024 — The Central Bank of Cuba’s (BCC’s) report on the banking process was explained this Wednesday by Cubadebate. The conclusions are not optimistic: the country is not prepared to have electronic collection devices in all businesses, state and private.
The fiasco is even more visible in the case of the MSMEs (micro, small and medium-sized enterprises) and other private businesses, which have been perfecting strategies for months to avoid the obligation to deposit their money in the banks and pay taxes. In fact, they insist, the amount of cash circulating on the Island increased in 2023 compared to the previous year, although inflation is also responsible.
“The growth and emergence of new economic actors has led to more entities to deal with and more monetary circulation. At the same time, a greater number of people go to the bank to deposit and withdraw cash,” explains Cubadebate, but the intention to enable ATMs for the population has not had the desired effect, as banking institutions are not able to absorb the growing volume of transactions.
However, the report points out, at the end of 2023, the BCC noted a decrease in cash withdrawals and an increase in the use of electronic channels by 21.1% in December, compared to September. In the same period, 595,005 digital operations were carried out for a value of 1,745 million pesos. Likewise, at the end of the year, operations in accounts associated with payment cards that do not involve cash were 68.3% of the total, 4.9% more than a year earlier.
Of the 364,705 “economic actors” that exist in the country, only 67.8% have been trained
Cubadebate says that the government has implemented bonuses of 6% and 10% for each electronic operation carried out, depending on the service they pay, and has created an extra cash service – the possibility of extracting cash from a bank account in a state ration store. The government has also trained workers and companies in the implementation of digital payment systems, which has contributed to the greater use of that method. However, the media acknowledges, the efforts remain insufficient.
Of the 364,705 “economic actors” that exist in the cou
