Many lose thousands of their savings
By Glenda Boza Ibarra (El Toque)
HAVANA TIMES – Two years ago, Daymi contacted elTOQUE because the Bank of Credit and Commerce (Bandec) owed her dollars from her savings account. “Why, if there is money in Cadeca (the Currency exchange locals), don’t they prioritize people who are waiting for their foreign currency and instead almost force them to withdraw their money in Cuban pesos?” she asked.
In mid-September 2024, Iran Morejon Quintana, who “has” the money to study in Spain, complained on social media about not being able to use it. In a Banco Metropolitano (Banmet) account, he has deposited 3,130 Euros from his personal savings. “Banmet refuses to give me my money. The Central Bank of Cuba says it cannot override the will of Banco Metropolitano,” he posted.
Almost four years after the monetary unification that forced many Cubans to convert their “foreign currency savings accounts” into “certificates of deposit”. The excuse given to Daymi, Iran, and other clients of any Cuban bank is almost always the same: “we don’t have liquidity.”
Available balance?
Certificates of deposit are financial instruments issued by banks with the promise of returning the deposited money, plus interest, after a set period of time.
However, in the Cuban context, these instruments have been marked by non-compliance and a loss of trust in the country’s financial system.
In December 2020, after the announcement of the Tarea Ordenamiento (Monetary Reorganization), Marta Sabina Wilson Gonzalez —then the president of the Central Bank— explained on the Mesa Redonda TV program that Cuban peso accounts that were transferred to dollars or euros would receive a certificate of deposit.
According to her, the accounts would have an annual interest rate of 0.15% and could not receive deposits or make transfers to other banking products.
“In the case of collaborators (who worked on government missions abroad) who have a 30% discount in stores, starting in January 2021, the balance will automatically change to Cuban pesos, as well as future income from the employing entities,” said Wilson.
At that time, Cuban President Miguel Díaz-Canel assured that no one should worry about their accounts, including those who work on government missions. However, it is these very collaborators, both those contracted abroad by the state and those working independently, who have been most affected by the 2021 monetary unification.
According to doctors from Bayamo, Eliannys Saborit Oliva and Alfredo Miguel Ramos, who spoke to Juventud Rebelde, they have been trying since October 2023 to withdraw their payment for three years of service in Angola from the Banco Popular de Ahorro.
“This situation is more critical in Granma province, and due to banking policy, they don’t accept our request for foreign currency in another prov
