HAVANA (Reuters)—Cuba's central bank has said it will limit cash withdrawals and
deposits in Cuban bank accounts held by foreign companies and joint ventures. No
immediate explanation was given for the central bank move, which was set out in a
letter sent to customers this week by Banco Metropolitano, one of the statecontrolled
banks on the communist-ruled island that handles corporate accounts.
Accountholders were informed that starting on May 7, cash transactions by foreign
companies and associations would be restricted to withdrawals to pay salary supplements
to Cuban employees. Based on government figures, Cuba's trade deficit
was estimated to have totaled $11.8 billion last year, up from $6.9 billion in 2007.
Foreign businessmen have reported some payments problems and delays on the
Cuban side, reflecting the effects of the liquidity squeeze.
|