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The Central Bank of Cuba will prepare a new issue of high-value banknotes

The Central Bank of Cuba will prepare a new issue of high-value banknotes

he Central Bank of Cuba (BCC) It will be in the process of completing the issuance of high value notes and is expected to be so Available at ATMs before the end of SeptemberAccording to Ronald Molina Farinas, commercial director of the Banco Popular de Ahorro (BPA) branch in the private municipality. Youth Island.

He was asked in a newspaper interview victory About whether one of the solutions to Ending the monetary crisis This could be in the printing of banknotes of very high denominations such as 10,000, 50,000 and 100,000 pesos, and if there is a problem in this sense in preparation, the bank manager indicated the continued issuance of banknotes of already known denominations but that would alleviate From cash shortage.

“I know that the issue of high categories is over, but it is as it is now. It will be in our hands next September. ATMs will return to normal operation and will be available around the clock, as they always have been. And that’s not all. Molina Farinas announced that a set of complementary measures already implemented will stabilize the situation without resorting to printing very high denominations.

In response to a question about the cause of the shortage of currency, especially high-denomination banknotes, Ronald Molina said it was a “gradual process,” and attributed responsibility to the way companies operate. Small and medium sized companies.

“Little by little, fewer notes of those denominations were returned to the bank. Solving a problem always creates a new problem, doesn’t it? This arises with the consolidation of new economic actors. Their presence is welcome and alleviates the problems of our daily living in many ways. They are appreciated, but they deal with cash He explained that they need it to buy from other economic players.

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The bank director stated that banks have requirements to extract large amounts, which “requires greater use of time and leaves financial traces that suggest a tax liability at the end of the year,” and for this reason until now. New economic players usually avoid banking intervention.

“This does not suit many new economic players and does not simplify their work. Therefore, banknotes of large denominations are traded among themselves, without referring to the bank.”precise.

On the Isle of Youth, with a population of more than 86 thousand people, there are only six BPA ATMs. However, Ronald Molina believes that these elements plus the two Banco de Crédito y Comercio (BANDEC) are sufficient, since “there are large areas and even municipalities that do not have them.” In his opinion, pine trees are among the “least affected.”

As of the end of this note, there is no evidence that the Central Bank of Cuba has confirmed through an official note that the issuance of new banknotes is about to end in an attempt to mitigate the increase in demand for cash.