The Central Bank of Cuba authorized, on July 9, the flexibility of the operation between the bank accounts enabled for the operations of purchase and sale of goods and the provision of services in freely convertible currency, and extended the possibility of the opening of these accounts to other subjects of the economy.
Resolution 222/2021, which came into force with its publication in the Official Gazette No. 78 Extraordinary, includes the rules for the use and operation of bank accounts for the purchase and sale of goods, and the provision of services in MLC by non-state forms of management (natural persons, forms of management non-state, micro, small and medium-sized enterprises, foreign legal entities, forms of association, and any other authorized subject).
The decision was taken taking into account the experience in implementing the legal provisions relating to the use and operation of bank accounts for the purchase and sale of goods and the provision of services in freely convertible currency.
In accordance with the provisions now, bank accounts in freely convertible currency of the subjects of this Resolution are opened at Banco Metropolità SA; Popular Savings Bank and Bank of Credit and Commerce, and are operated by means of magnetic cards.
Foreign legal entities, as well as associative forms, may also open current accounts in freely convertible currency at Banco Internacional de Comercio SA and Banco Financer Internacional SA
It is also warned that bank accounts in freely convertible currency cannot be used to provide import services in favor of third parties.
But all transactions established in Cuban pesos can be carried out at ATMs, point-of-sale terminals, and other payment channels, as well as transfers, depending on the services offered by the issuing bank.
PARTICULARITIES FOR SOME ECONOMIC ACTORS
With regard to natural persons, it is clarified that they open bank accounts with MLC for making the corresponding payments for purchases in establishments authorized to make sales in freely convertible currency, as well as for payments relating to the import of goods in the freely convertible currency accounts of importing entities authorized by the Minister of Foreign Trade and Foreign Investment or others authorized by the competent authorities.
Through these accounts, natural persons they can receive funds by bank transfers from abroad in any currency; bank transfers from MLC accounts operated by other natural persons in Cuban banks; forms of non-state management; micro, small and medium enterprises; foreign legal persons, associative forms, agricultural producers and other authorized subjects; transfers from FINCIMEX SA for remittances; and cash deposits in freely convertible currencies accepted by the Central Bank of Cuba.
They may also receive transfers from accounts in Cuban pesos, backed by liquidity capacity, CL, with the subjects with whom they maintain a contractual relationship, and so agreed by the contracting parties, in accordance with current procedures.
In the case of natural and legal persons belonging to the forms of non-state management, and micro, small and medium enterprises, It is possible to open current accounts in MLC to make import and export payments (through authorized importing entities), to pay in the establishments in charge of marketing products and services in MLC; and to honor its commitments with the concessionaires, users and entities that are responsible for ensuring the development of infrastructure in the Mariel Special Development Zone or other authorized.
Natural persons belonging to non-state forms of management, with the exception of agricultural producers, require in all cases to make an initial deposit of not less than the equivalent of one hundred US dollars in the MLCs accepted by the Central Bank of Cuba. .
These accounts receive funds from bank transfers from MLC accounts of foreign trade entities or economic actors in the Mariel Special Development Zone; from accounts operated by non-state forms of management in Cuban banks, from abroad in any freely convertible currency not linked to commercial operations; through FINCIMEX for remittances; of cash deposits in the currencies accepted by the BCC, and from accounts in Cuban pesos, backed by CL, in accordance with current procedures.
They do not accept cash deposits, checks, or cash withdrawals in freely convertible currency.
Micro, small and medium enterprises to receive the percent in Cuban pesos defined by the Ministry of Economy and Planning, use the current account in Cuban pesos that own or request the opening of one, preferably in the same branch where they operate the current account in freely convertible currency.
the associative forms, On the other hand, open current accounts in MLC for foreign exchange and import purchasing operations; and other operations that are authorized. These MLC current accounts only receive funds from foreign bank transfers in any freely convertible currency; and do not accept cash deposits or withdrawals.
Finally, the branches, representative offices, diplomatic missions, consular offices, international bodies accredited in Cuba and any foreign legal entity based in the country, Open current accounts in MLC or request banks to issue magnetic cards associated with current accounts of which they are already holders to make the corresponding payments in the establishments in charge of marketing products and services in MLC to those who have access and import operations in freely convertible currency, to the accounts of importing entities authorized by the Minister of Foreign Trade and Foreign Investment or others that are authorized.
These current accounts only receive funds from foreign bank transfers in any freely convertible currency.
It is specified that these provisions do not apply to specific purpose accounts.
Resolution 222/2021 of the Central Bank of Cuba repeals resolutions 73, 112, 117, 125, and 163, all of 2020.