Cuba To Limit
Foreign Companies' Cash Transactions
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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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