2023-05-26 18:16:46
Finally, the Cuban government has recognized the scarcity of cash on the island while justifying the cost of issuing banknotes.
Economy Minister Alejandro Gil Fernández told the National Assembly that there is “a lack of money in paper currency, because the level of demand is great and the capacity we have to insert this paper currency does not satisfy the demand.”
In this regard, the leader pointed out that “investments must be made in the bankarization of transactions, because transparency, security and control are gained, and operations can be monitored for the issue of taxes.”
“Printing physical bills is expensive in their issuance, custody, and treatment,” he said, according to a press review of his intervention.
The leader stated that in order to advance in the digitization of financial operations and increase the supply of goods and services, the Etecsa mobile wallet.
He recalled that this service allows electronic payments, both in Cuban pesos and in foreign currency, without requiring a magnetic card.“
However, he admitted that there are problems in the country when paying by transfer, because in some cases “there is resistance in some places to accept the mobile.”
CASH SHORTAGE IN CUBA
The shortage of cash in Cuba and the long lines at ATMs have been the headline in recent weeks.
From the provinces it has been reported that “at the country level, some restrictions to limit the withdrawal at ATMs” to private workers so that “the availability of cash lasts a little longer.”
Likewise, it has been insisted that companies, MSMEs, and the self-employed, which are the ones that concentrate the largest volumes of money for their transactions, do not usually use electronic channels for “fear of control over their finances.”
Apparently, due to recent statements by leaders, “the idea is not to grow more in ATMs, but in operations through payment channels,” as banking institutions told the Sancti Spíritus newspaper.
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