The Bank of Credit and Commerce (BANDEC) in Ciego de Ávila published an official statement on its Facebook profile addressed to self-employed workers, small and medium-sized enterprises (mipymes), and other forms of non-state management, demanding the immediate cessation of the practice of rejecting 5, 10, and 20 Cuban pesos (CUP) banknotes and warning that such behavior is illegal.
The text, signed as "BANDEC - CIEGO DE ÁVILA," reflects a regulation from the Central Bank of Cuba (BCC) that is in effect throughout the national territory, thus its scope extends beyond the province of Ciego de Ávila.
What the statement says
The bank qualifies the practice as "a flagrant violation of citizens' rights" and establishes three points:
- that the BCC is the only regulatory body regarding monetary circulation.
- that these bills "have full liberating power for the purchase of goods and services within the national territory"
- and that "no economic actor, regardless of their management style, has the authority to choose which denominations of the official currency they accept and which ones they do not."
The statement warns that offenders "will be subject to the corresponding administrative and legal measures", and appeals to the human aspect of the issue:
"Refusing cash in these denominations directly impacts the pockets of the people, disrupts the daily lives of citizens—especially in the most vulnerable sectors, such as our pensioners and workers—and creates unnecessary discomfort in society."
BANDEC concluded its statement with a demand that, judging from the public reaction, many doubt will be fulfilled: "We demand the immediate cessation of these negative behaviors and absolute respect for legality and our clients' rights."
The citizen reaction: Fatigue and distrust
The statement sparked an immediate debate on social media.
“If it’s a law, there’s no need for any appeal to conscience. What is needed is to apply it strictly,” wrote a user.
Another pointed directly at the system: “If the Central Bank regulates the money supply, it should start by setting an example by paying salaries and pensions on time.”
"The inspectors are the first to turn a blind eye"; "The laws are selective: they are applied to some and not to others"; "It's not a lack of laws, it's a lack of will to enforce them"; "Here the problem isn't cash flow, it's poor management"; "Without real control, no measure is going to work"; "Everything remains words, but reality doesn't change," commented some, agreeing on the perception of impunity.
"Always the burden falls on the ordinary citizen"; "The people are the ones who pay the consequences of everything"; "There is corruption at all levels and no one wants to acknowledge it"; "The population is tired of promises"; "Each new measure generates more problems than solutions"; "There is no trust in the measures they announce"; were other opinions.
A problem that has deep roots
The rejection of low-denomination bills is not a new issue.
In December 2024, a retiree with a pension that was then 1,600 pesos was rejected at the mipyme "El Moro" in Alamar, which stated on a sign that it did not accept more than 300 pesos in 10 and 20 CUP bills.
The rejection of small bills in Cuban businesses was already causing widespread outrage at that time.
In December 2025, a self-employed worker in the Boyeros municipality refused to accept 5 CUP notes, demanding only denominations of 100 CUP and above.
In April 2026, a viral video showed a Cuban receiving over 200,000 pesos in 10 CUP bills —around 20,000 bills equivalent to just 384 dollars—.
That scene of 200,000 pesos in 10 peso bills became a symbol of monetary collapse. A user summed it up ironically: "That is weighed, not counted."
A coin in free fall
Behind the phenomenon lies an unprecedented crisis: between 2020 and 2026, the Cuban peso lost more than 95% of its value against the dollar, falling from 42 CUP per dollar to over 520 in the informal market.
In that context, the regime issued in April 2026 the 2,000 and 5,000 peso bills, the highest denominations in the recent history of the country.
However, a 5,000 CUP bill is equivalent to just about 10 dollars on the informal exchange.
Meanwhile, more than 50% of the ATMs in Havana were out of service in 2026, withdrawal limits were reduced to 3,000 pesos, and the Granma government admitted in June that it did not have enough cash to pay over 111,000 retirees.
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