More flexibility in foreign exchange transactions among economic players
In order to order, expand and energize, in wholesale trade, such operations in foreign currency between companies and forms of non-state management, new regulations accompany in this sense the economic and social transformations in execution...
Inter-business and commercial operations at the wholesale level, in foreign currency, has been included as a new source of foreign exchange in the Cuban economy.
This is reflected in Resolution 103/2026 of the Ministry of Economy and Planning (MEP), published this Thursday 10 in the ordinary Official Gazette number 76, along with another of the Central Bank of Cuba (BCC), number 102/2026, referring to the Rules for the opening of bank accounts in foreign currency.
The economic and social transformations, approved by the National Assembly of People’s Power on June 18, demanded to update the general bases for the system of management, control and allocation of those currencies.
On the one hand, in a context of restrictions on its availability due to the unprecedented intensification of the US blockade, and on the other, of the expansion of powers granted to economic actors, and greater flexibility and business and territorial autonomy, it was necessary to temper Resolution 140/2025 of the MEP.
As explained to this journalist Susset Rosales Vázquez, general director of Planning and Development of the aforementioned body, the new provision allows that in foreign exchange transactions state entities, forms of non-state management and cooperatives, among others, can operate with greater fluidity, flexibility and autonomy in order to energize the economy.
The priority is given to the exporting and import substitute sectors, in addition to the fact that through direct payments in foreign currencies it is intended to chain and strengthen the productive links, minimizing the exchange rate distortions that exist today.
In turn, the new resolution contributes to the resuppression of raw materials and inputs for the different productions, and the timely access to foreign exchange for the maintenance of productive activities and services, with direct impacts on the supply to the population without having to access the exchange market.
Susset Rosales clarified that even when foreign exchange transactions in inter-business and wholesale trades become the source of these currencies, in retail trade, domestic currency operations continue and only those that are of interest to the country will be approved in USD.
Undoubtedly, this seeks the protection of the population and improve the purchasing power of the Cuban peso, avoiding that access to goods and services is subject to currency tenure and the current volatility of the exchange rate.
That is why the use of the currency is regulated in the interest of re-approval and increasing production of economic actors, and the measure is in line with the strategic objective of de-dollarization and with the monetary policy of the country.
The possibility of foreign exchange payments to the domestic of the economy by international cooperation projects is even extended, as agreed between the parties.
Resolution 103/2026, of the Ministry of Economy and Planning entered into force since its publication on Thursday in the Official Gazette and will be in effect until December 31 of this year.
On the opening of foreign bank accounts by economic actors
Also in conversation with Ian Pedro Carbonell Karell, director of Payment Systems of the Central Bank of Cuba, we knew that according to Resolution 102/2026, referring to the Rules for the opening of bank accounts in foreign exchange, it is intended to relax the existing mechanisms for this purpose.
He mentioned as important and novel elements, authorizing that non-state economic actors can deposit currency in cash in their current accounts, and can order payments abroad directly in their bank, for import or other related to their economic activity, without having to pass that payment process by the importing entity.
That is, the payment mechanism can be done directly with the bank and once it is executed and has the proof of it, then it can be sent to the importer, points out the interviewee.
Ian Pedro Carbonell clarifies that the regulations of the BCC are with a view to accompanying economic and social transformations, by easing the existing regulatory framework for the operation with the currencies of all the economic actors of the economy, so that there are no obstacles in the inter-business and commercial relations of wholesale, and production and services are increased.
With the previous regulations the state company could have its currency account, and that gave it some capacity and autonomy, but by paying a private actor it could not do it if it was not authorized to operate in currency, says the director.
With the lawful income of their business, holders can deposit cash into their checking account, and with their balances they can ask their bank to order a payment abroad, explains the BCC’s director of Payment Systems.
The resolution of this institution will enter into force seven days after its publication this Thursday 10, in the Official Gazette.
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