Banco Central de Cuba says that every one banks will restrict the usage of funds in magnetic playing cards

The Central Financial institution of Cuba has warned by an official word that the restriction of the usage of money in magnetic playing cards will likely be for all banks, outdoors the Banco Metropolitano de La Habana, which have been the primary to have the ability to achieve this.

In different phrases, Bandec and BPA magnetic playing cards may also impose these restrictions on actions and funds per 30 days. In line with the primary Cuban financial institution, that is an “worldwide observe”. It’s also no coincidence that the motion got here on the identical time that Western Union introduced its return to the island and the rise in overseas foreign money on the playing cards can be obvious.

“The measure that the Banque Metropolitano has begun to implement will likely be carried out by different banks within the system within the coming days,” factors Central financial institution assertion.

What restrictions are in impact now? First on Banco Metropolitano magnetic playing cards and over the subsequent few weeks on the remainder of the playing cards. The utmost funds and transfers between pure individuals are 80,000 per day and 120,000 Cuban pesos per 30 days.

Decide the usage of funds for all playing cards in Cuba

As for foreign money playing cards, the utmost that you need to use per day is $1,000 and as much as $5,000 per 30 days. Individuals who wish to make transfers or use the cardboard for bigger quantities should truly go to a financial institution department and order this transaction there.

The island’s important financial institution insisted that “the present measure goals to advertise the usage of accounts in accordance with their nature, whether or not private or company, and to ascertain higher transparency for residents.”

The Central Financial institution reiterates that folks will be capable of proceed to make use of their playing cards with out restrictions to pay authorized entities and different financial brokers, equivalent to paying for resort reservations, items in MLC shops or different magnetic card providers from personal corporations.