The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis.
The regulations went into effect on Thursday. They limit cash transactions to 5000 pesos and will be implemented gradually over six months, official media said.
The government pegs the dollar at 24 pesos and for select companies, tourists and residents at 120 pesos, though it has few to exchange. The dollar currently fetches 230 pesos on the informal market. Communist authorities are seeking to curb galloping inflation which the government puts at 45% so far this year and control the devaluation of the peso by taking a series of measures to promote “banking” in the country and encourage the use of “electronic payments”, said a statement published on Thursday in the official media.