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Top related persons:
Nelson Acosta - 2 Marc Frank - 2 Alberto Quinones - 1 Yulieta Hernandez - 1 Hernandez - 1 Fidel Castro - 1 Leonardo Rodriguez - 1 Rodriguez - 1
Top related locs:
HAVANA Cuba Cuban Havana Santiago de Cuba
Top related orgs:
Thomson - 2 Cuban Central Bank - 1 Economy - 1

Search resuls for: "Cuban Central Bank"


5 mentions found


☆ As Cuba takes leap towards 'cashless' economy, entrepreneurs brace for impact
  + stars: | 2023-08-21 | by ( Nelson Acosta Anett Rios | Nelson Acosta | Anett Rios | ) www.reuters.com   time to read: +5 min
"We understand there is a crisis, and the need for banking, but this is our money," Hernandez said. Her business had already adopted electronic banking but she often needs quick access to cash to pay for emergencies on job sites, she added. Rodriguez said he and many other entrepreneurs began using electronic banking long before the new measures were announced to comply with tax laws that have evolved with the growing private sector. But for many smaller businesses and mom-and-pop stores in Cuba, the formalities of doing business, like paying taxes, remain novel concepts, he said. Cuban officials have said the new banking measures are necessary for transparency, to assure transactions are recorded and taxes are paid.
Persons: Alberto Quinones, Yulieta Hernandez, Hernandez, Fidel Castro, Leonardo Rodriguez, Rodriguez, Ronald Venero, Nelson Acosta, Anett Rios, Carlos Carrillo, Dave Sherwood, Marc Frank, Rosalba O'Brien Organizations: Reuters, Thomson Locations: HAVANA, Cuba, Cuban, Havana, Santiago de Cuba
☆ Cuba bans company access to ATMs, limits cash transactions
  + stars: | 2023-08-03 | by ( Nelson Acosta | ) www.reuters.com   time to read: +2 min
HAVANA, Aug 3 (Reuters) - 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. 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. The crisis has led to a lack of confidence in the state-run banking system, resulting in a lack of cash at some ATMs as businesses use them, leaving residents in the lurch.
Persons: Alejandro Gil, Nelson Acosta, Marc Frank, Deepa Babington Organizations: Cuban Central Bank, Economy, Thomson Locations: HAVANA
☆ Cuba begins London court battle over unpaid Castro-era debt
  + stars: | 2023-01-23 | by ( Marc Jones | ) www.reuters.com   time to read: +2 min
[1/3] Students hold images of the late Cuban President Fidel Castro during an event commemorating the five year anniversary of his death, in Havana, Cuba, November 24, 2021. REUTERS/Alexandre Meneghini/File PhotoLONDON, Jan 23 (Reuters) - Cuba began a high-stakes legal battle in London's High Court on Monday over unpaid Fidel Castro-era government debt now held by one of the communist-run country's creditors. CRF originally launched the claim almost three years ago after Havana refused a debt relief offer made by CRF and some other bond holders back in 2018. But having not dealt with its commercial creditors in the so-called London Club the country remains shut out of international capital markets. ($1 = 0.9210 euros)Reporting by Marc Jones and Sam Tobin; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.
☆ Cuba says vulture fund seeking 72 mln euros never a creditor as UK court begins proceedings
  + stars: | 2023-01-13 | by ( ) www.reuters.com   time to read: +1 min
Such firms, described as "vulture funds" by the Cuban Central Bank, typically purchase distressed or defaulted debt then sue in international courts to get paid in full. Cuba's Central Bank (BNC) said in a statement on Friday it does not recognize CRF as a creditor. "CRF is not a creditor of the BNC or of Cuba and never has been," the Central Bank superintendent said. The firm claims Cuba owes it 72 million euros in debt in proceedings currently under way in the London court, according to the Central Bank statement. The case will be closely watched by Cuba's creditors, some of whom have struggled to recoup loans as the country wrestles with a dire economic crisis made worse by the coronavirus pandemic and restrictions put in place by former U.S. president President Donald Trump.
☆ Cuba says its allies have pledged help to end its economic crisis
  + stars: | 2022-11-30 | by ( Marc Frank | ) www.reuters.com   time to read: +3 min
HAVANA, Nov 30 (Reuters) - China, Russia, Algeria and Turkey have pledged to restructure Cuba's debt, provide new trade and investment financing, and help ease an energy crisis, Cuban President Miguel Diaz-Canel told state-run media following a rare trip abroad last week. Cuba's debt with business partners and suppliers has ballooned, leading some to refuse to do business with Cuba unless it is in cash, according to foreign business and diplomatic sources with knowledge of recent transactions. Cuba's current foreign debt is considered a state secret. Prior to the pandemic, in 2019, the Caribbean island nation reported its foreign debt at $19.6 billion. "There is no short-term solution to Cuba's electric power sector challenges; the system is old, tired and broken.
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