New economic measures were announced by the Cuban government. Establishments for the sale of products in USD and the opening of bank accounts in this same currency to buy using magnetic cards.
The idea is to improve the economy and avoid capital flight in the country. An issue that we will see in the future if it is possible to achieve. Meanwhile, they have already announced the sale of home appliances, electronics and automotive products and with it, the opening of stores for sale.
Offers include split, freezer, large format TV, high-end refrigerators and capacity, automatic washing machines, ovens, sandwich makers and microwaves. Electric motorcycles, batteries, tires and accessories, motorcycle units and combustion engines will also be marketed.
According to the authorities, it has been defined that there will be 77 retail stores throughout the country, however in the first stage, only 13 units are planned. 12 will be located in the capital, and one in Santiago de Cuba. Of these, eight will be dedicated to the marketing of electronics and appliances, and five for the sale of automotive assortments. In the coming months, the network of stores will be extended to the other provinces.
Sales in this type of establishments will be made only by magnetic cards. National and international cards accepted in Cuba may be accepted, including the AIS card developed by Fincimex.
Bank accounts
The opening of bank accounts in USD associated with magnetic cards began on Monday in the country for natural persons. Accounts can be requested at the branches of the Metropolitan, Credit and Commerce and Popular Savings Banks.
As explained by national media, to have the account you only need to present your identity card. The delivery of the same will be within three to seven days in Havana and the provincial capitals, and up to ten days in the rest of the country.
The accounts, which do not require a minimum balance to open them, can be operated individually or interchangeably by more than one owner; and likewise beneficiaries can be designated. At the time of its request, the holder can define the limits of the number of operations and amounts to operate on the day; a security mechanism for the customer in case of loss or loss of the card.
Through these cards you can only receive funds through transfers from abroad, such as remittances, transfers from other foreign currency accounts or between accounts of the same product. Likewise, it is allowed to receive cash deposits in US dollars, euros, pounds sterling, Canadian dollars, Swiss francs, Mexican pesos, Danish crowns, Norwegian crowns, Swedish crowns and Japanese yen. In none of the cases are deposits in Cuban pesos (CUP) or convertible pesos (CUC) accepted.
It is important to clarify that in the deposits of US dollars in cash a tax of 10% is applied. However, this tax is not applied to transfers of US dollars, which arrive electronically.