Cuba suspending cash bank deposits in dollars, citing US sanctions By Reuters – Investing.com

SourceInvesting.com
SectorFinancial Services
CountryMiddle east

© Reuters. FILE PHOTO: Cuban and U.S. notes are seen in this illustrative photograph taken in Havana March 14, 2011.REUTERS/Desmond Boylan/File Photo

HAVANA (Reuters) – Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S.

sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers.

The move came shortly before the government was due to present its annual resolution to end the crippling, decades-old U.S. trade embargo on the Communist-run country at the United Nations General Assembly.

Some Cubans and analysts speculated it was an attempt to control the black market price of the dollar. That has risen to more than twice the official exchange rate since the import-dependent country started opening stores selling in hard currency and stopped selling greenbacks due to a cash crunch.

Cuban bank account holders will have until June 21 to deposit dollars before the suspension takes effect.

“It is ever more difficult for Cuba to find...read more...