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Cuba temporarily suspends cash deposits in dollars, cites embargo hurdles

world-regions announced Thursday that banks in the country would temporarily stop accepting global-economy” target=”_blank”>cash deposits< said, was due to U.S. sanctions and “extreme” finance” target=”_blank”>economic measures<

“In view of the obstacles that the U.S. embargo creates for the national bank system to deposit abroad the U.S. dollars that are collected in the country, a decision was made to temporarily suspend deposits in U.S. banknotes in Cuba’s bank and financial system,” the bank said in a statement shared during a roundtable discussion with Central Bank leadership broadcast on state TV.

Central Bank Vice President Yamilé Berra Cires cited the loss of partnerships with foreign banks, including 24 that stopped operations with Cuba since the beginning of donald-trump” target=”_blank”>former President Trump’s<.

Trump administration imposes new restrictions on travel to Cuba Video

The country had a 10% tax on dollars in place for many years which it lifted in July 2020 amid the infectious-disease.

The Miami Herald reported on Friday that the U.S. dollar in Cuba’s black market has soared to around 70 Cuban pesos – an amount almost three times the exchange rate.

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This came after the country reportedly began to open “dollar stores” selling hard currency in 2019 and saw a drop in remittances and tourism.

While joe-biden” target=”_blank”>President Biden< some of Trump’s measures on Cuba during his campaign for office, the U.S. government has said a shift in policy is not a top priority.

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