A Cuban identified as Lara Calm posted a video on social media in which she reports that a mipyme refused to accept her 50 Cuban pesos (CUP) bills when she tried to buy rice, in yet another incident of the rejection of low denomination bills that has been reported in various locations throughout Cuba.
“I went to pay with 50 peso bills and it turns out I can't make the purchase. They only accept 500 pesos in 50 peso bills,” the woman recounted.
The business imposed a limit of five hundred pesos for that denomination, which effectively significantly restricts its use as a regular method of payment.
Lara Calm explained that she has been facing the same problem with the 10 and 20 peso bills, denominations that many businesses have been refusing to accept for months.
In their case, the restriction now also applies to 50 peso bills.
“What am I supposed to do with the 50 bills I have now? […] Because I'm going to have to eat the 50 bills,” she asked with indignation and helplessness, summarizing in one phrase the absurdity of holding legal tender that many businesses refuse to accept.
"How long will this last?" Lara Calm asked at the end of her video. The question captures the frustration of many Cubans who are facing the rejection of banknotes that remain legal tender.
The reaction on social media: frustration and a demand for accountability
The comments reflect the frustration of many Cubans in response to this type of situation.
“Having money and not being able to use it is like not having it at all,” complained a user.
Others directly blamed the Government: “The Government is to blame, as it allows everything” and “It is a consequence of printing money uncontrollably.”
Some testimonies claim that the rejection now extends to 100 peso bills and that it is happening in various locations.
"Every day the situation gets tougher for the people," expressed another user.
A phenomenon that has been escalating for years
This phenomenon has been reported for at least a couple of years in Cuba and has worsened with the decline in purchasing power of the peso.
Last year, a complaint surfaced regarding a self-employed worker in Boyeros who refused 5 CUP bills and demanded denominations of 100 pesos or more.
In September of this year, new reports from Holguín confirmed that the practice continues despite official warnings.
The authorities warn, but the rejection persists
The Banco de Crédito y Comercio (BANDEC) of Ciego de Ávila issued an official statement in July in which it described the rejection of low-denomination banknotes as a “flagrant violation of citizens' rights.”
He also warned that “no economic actor, regardless of their management style, has the authority to choose which denominations of the official currency they accept and which they do not.”
The authorities have warned that refusing to accept legal tender constitutes an offense and may lead to administrative and legal measures.
However, citizen complaints continue, with reports of the rejection of various denominations, including 10, 20, and 50 peso bills.
Behind this phenomenon is the profound monetary crisis that Cuba is experiencing.
To help alleviate the pressure caused by the use of large amounts of cash, the Central Bank began circulating 2,000 and 5,000 peso bills starting in April, and in mid-September it released the 10,000 and 20,000 peso bills, the highest denomination in the country’s history.
The emergence of increasingly larger banknotes stands in contrast to the difficulties encountered in using smaller denominations in certain establishments, amid the loss of purchasing power of the peso and the sustained increase in the cost of basic goods.
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