Central Bank of Cuba would be preparing a new issue of high denomination banknotes

He Central Bank of Cuba (BCC) would be in the process of completing the issuance of high denomination banknotes and is expected to beavailable in ATMs before the end of SeptemberAccording to Ronald Molina Fariñas, commercial manager of a branch of Banco Popular de Ahorro (BPA) in the special municipality.Isle of Youth.

Questioned in newspaper interviewVictoria about whether one of the solutions forend the cash crisis could be in the printing of banknotes with very high denominations such as 10 thousand, 50 thousand and 100 thousand pesos and if an issue in that sense was being prepared, the bank manager made reference to an ongoing issue of banknotes with denominations already known but that would serve to alleviate the cash shortage.

“I know that an issue of high denominations is ending, but they are the same as now. It will be in our hands this September. ATMs will return to normal, being available 24 hours a day, as they always were.And that's not all. A group of complementary measures that are already implemented will stabilize the situation without resorting to printing very high denominations,” declared Molina Fariñas.

Asked about the cause of the deficit in currency and especially in high-denomination banknotes, Ronald Molina said that it was a “gradual process,” and attributed the responsibility to the way the companies operate.MSMES.

“Little by little, fewer bills of those denominations were returned to the Bank. The solution to a problem always begets a new problem, right? And this arises with the consolidation of new economic actors. Their presence is welcome and tempers problems of our daily subsistence, in many ways. They are appreciated, but they handle amounts of cashand they need it to buy from other economic actors,” he explained.

The bank manager recalled that banks have requirements for the extraction of significant amounts, which "require greater use of time and leave fiscal traces that imply a tax obligation at the end of the year", which is why until nownew economic actors usually avoid banking intervention.

“This does not suit many new economic actors nor does it streamline their businesses. Consequently, bills of large denominations change hands among themselves, without returning to the Bank.", accurate.

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

At the closing of this note, there is no evidence that the Central Bank of Cuba (BCC) has confirmed through an official note that the issuance of new banknotes is close to being completed to try to alleviate the increase in demand for cash.