2023-08-03 00:59:34
Authorities of the Central Bank of Cuba announced this Wednesday at a press conference new bank access measures in the country, which will be implemented gradually as of August 3.
Alberto Quiñones Betancourt, vice president of the BCC, explained at first that banking is the use of electronic payment channels for banking operations. This process, he added, is done under the principle of maintaining equality among all economic actors.
According to Resolution 111/2023 issued by the Central Bank of Cuba, the increase in the use of cash in economic and financial transactions has caused a setback in the levels of banking and financial inclusion in the country, to which are added the high costs associated with issuance, transportation, processing and storage, as well as the demand on ATMs to withdraw cash.
For these reasons, it is necessary to increase the bankarization of operations through electronic payment channels.
Quiñones Betancourt added that this process will be done gradually, adhering to international standards, since electronic payments are daily in the lives of citizens of any country.
In addition, according to the vice president, this process of progress and duality is determined by the experiences accumulated in Cuba, based on the existence of a group of conditions that allow progress.
Gradually, the conditions and capacities for the banking of collection and payment transactions are created among all the actors of the economy and with the population, facilitating the use of existing electronic payment methods, devices and payment gateways, in addition to promoting the use of credit titles and other means of payment in force, reducing cash.
Quiñones Betancourt recognized that given the level of obsolescence and exploitation of ATMs, the service they provide today is inefficient.
“All collection and payment relationships between economic actors must be based on the payment methods established by the BCC, prioritizing electronic channels,” he said.
Among the approved actions is the maximum limit of 5,000 cup per operation for cash collections and payments between companies, mypimes, self-employed workers, cooperatives and other forms of management.
In addition, to protect the population, in the ATM network they will only be able to use cards associated with pensions, savings accounts, salaries, and personal assets.
The actors of the economy can request the cash required for their activity in the bank branches where their current or fiscal accounts operate, adjusting to the conditions agreed with the bank and in correspondence with the operational and fiscal levels.
On the other hand, work is being done with Xetid, ETECSA and the Ministries of Communication, Commerce and Economy and Planning, so that all businesses that provide goods and services have electronic payment channels incorporated, although cash can also be used. Let the population choose the form of payment.
In addition, all economic actors must have contracted the services of the Transfermóvil or EnZona payment gateways, or Point of Sale (POS) terminals. In addition, it is a premise to encourage the use of bonuses.
“These channels allow safer, faster operations, and it is important that economically they report a benefit for the population,” said the vice president while saying that they are studying to expand those benefits.
For his part, Julio A. Pérez Álvarez, general director of the BCC, commented that there are more than 15 million cards in the country and 200 million banking operations were processed through electronic means last year.
“At this time, in some places we may not have all the conditions, which is why the standard recognizes a period of up to six months for operations to continue in those places and for clients who do not have the conditions created,” explained the executive.
In other words, in those specific cases, cash withdrawals in Cuban pesos can continue to be made that exceed the established limit to make payments to workers for salary, bonuses, and other remuneration for work, as long as there is no domiciled payroll. .
In addition, subsidies for other social security benefits, alimony, diet advances and student benefit payments can continue to be made in cash.
On the other hand, cash withdrawals for the payment of salaries, subsidies and other social security benefits must be made at most three business days before the date of making the payment.
The cash receipts in Cuban pesos received by the economic actors will be deposited in their checking account, no later than the next bank business day from the date of receipt, even more so when the collection is significant, the resolution indicates.
The managers clarified that cash payments are maintained.
#Banco #Central #Cuba #announces #banking #measures #reorganize #monetary #flows