Banking

Foreign Banks in Cuba

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To date there are a total of ten foreign banks with representative offices operating in Cuba but the list is expanding.  These are not branch offices of the banks themselves.  Foreign banks in Cuba manage the banking between their offices and offices of the Cuban banking system.  These offices specialize in commercial banking. The American embargo/blockade continues to make it extremely difficult for Cuba to obtain credit, transfer money, transact in US dollars, have correspondent banking relationships and engage in free trade.  It also adversely effects foreign business persons who are not American citizens but carry out business with Cuba by freezing their funds and charging huge fines against them. International banks fear operating in Cuba because of the huge fines imposed by the United…

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Unbiased reporting on economic news and business developments in Cuba by industry sector

 

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