Cuban banks have high denomination fees and ATMs will return to normal operations starting this month According to Ronald Molina Fariñas, commercial manager of the Santa Fe branch of Banco Popular de Ahorro (BPA), in Isla de la Juventud, to state digital media Victoria.
The media emphasized that “the limited availability of cash at ATMs is temporary, temporary, and does not respond to an arbitrary strategy to impose the use of magnetic cards.” However, he acknowledged that “the latter is desirable.”
The truth is that, when more than a month has passed since the entry into force of Resolution 11/2023, where banking services began in the country on August 3, Cubans continue to stand in long lines at banks to collect checkbooks and paychecks or withdraw money which they need for their daily operations.
According to Molina Fariñas, this situation must be reversed this month and ATMs will be available again within 24 hours.
Regarding the reasons for the deficit of high denomination banknotes, the manager pointed out the “new economic actors” seem to be responsible, because they manage large amounts of money although he considered that they solved the problems of “daily living” in the country.
“It was a gradual process, gradually less and less bills in those denominations were returned to the Bank. The solution to a problem always creates a new problem, right? problem in our daily life, in many ways. They are appreciated, but they manage the amount of money and need it to buy from other economic actors,” he justified.
“The bank has requirements for obtaining significant amounts. They require a greater use of time and leave financial channels that mean the tax obligation at the end of the year. recognized by Molina Fariñas.
“Therefore, large denomination bills change hands, without returning to the bank,” he explained.
Interrogated about the printing of very high denomination banknotes, for example, 10,000, 50,000 and 100,000 pesos As a possible solution, the official said that an issue is being prepared in the country, but in the same high denominations that already exist.
“I know an issue with high denominations has been resolved, but they are the same now. We will have it in our hands this September. ATMs will be back to normal, available 24 hours a day, as usual. And that’s not all “A group of complementary measures already implemented will stabilize the situation without resorting to printing very high denominations,” said the manager.
The director of the bank’s branch, Luis Rodríguez Pantoja, assured that traditional instruments such as checks and transfers will not disappear, and that those who do not have a magnetic card “continue to receive cash in cash.” He also explained that people who pay digitally will get a bonus.
“To stimulate electronic commerce, the Bank benefits customers who use payment channels and that bonus, now, 6%.”
The Cuban Government is trying to convince the population of the advantages of banking, although it reveals that Its purpose is to seize money that Cubans do not deposit in banks as warned by DIARIO DE CUBA specialists.
The state press has devoted many articles to highlighting the benefits of the process in which the regime seeks to eliminate the use of money.
This Saturday, implemented by the Government a trade fair along Galiano Street, in Central Havana, with the aim of promoting “the payment of goods and services through electronic payment platforms such as Transfermóvil and EnZona, and support the national banking policy,” the state portal reported Cuban debate.
At the fair, which lasted from 8:00 a.m. to 5:00 p.m., meat, clothing, footwear, agricultural products, mobile phone items and cleaning products were offered.
Staff from Xetid, Etecsa, the Joven Computing Club and other entities train and advise users on the use of electronic payment gateways.
In addition, a 10% bonus is implemented on the purchase of goods and services through POS and online payment with QR codes on Transfermóvil and EnZona boulevards.
According to the first vice minister of Communications, Wilfredo González Vidal, quoted by the state media, “as long as you gradually create confidence in the use of technologies and that the citizen sees that it works well, we will get a you can do more using the platforms”.
Self-employed workers interviewed by Cuban debate They described the alternative of electronic payment as positive and assured that the population has accepted it.
A customer who paid in cash said the prices and offers were good, after buying croquettes and bread. Another consumer, who bought oil, bread and toilet modules through electronic payment, described the offer as “varied and in many cases cheap, in others the prices have not yet arrived.”
The affordability of at least some of the products offered at the Galiano fair is in contrast to the high prices that Cubans complain about daily. and shows the Government’s interest in expanding electronic payments.