Limit on dollar deposits in Cuba? CADECA clarifies

The Casas de Cambio SA network in Cuba, the official currency exchange agency on the island, has clarified information circulating on social media about an alleged limit on dollar deposits.

CADECA – Exchange Houses reported in its profile From Facebook: “Any information that is not published through our institution’s official media or channels is invalid.”

The information referred to was shared by journalist Fernando Ravsberg, who wrote in the same social network: “CADECA offices inform their clients that they do not accept deposits over USD 5000. Does the State have so much foreign currency that it needs to limit its USD income?”

Ravsberg added: "There's no money for oil or gas, there's no hard currency to import medicines, ships carrying basic food items won't enter until they receive payment, the blockade is tightening, and CADECA has the luxury of not accepting more than $5000."

He clarified that "in order to accept more money, they need to fill out the 'origin and destination form,' but it turns out they have to submit it at the CADECA offices, and they don't have the printed form."

Deposit in dollars in CADECA

His post generated a lot of commentary, and the former BBC correspondent claimed he was the source of the information and that he knew "a person who wanted to make a deposit and needed two CADECA cards and one bank to make a deposit of $2."

Economics graduate Michel Carmona Seguí joined the debate, stating: "These are international standards to prevent money laundering and terrorist financing. Cuban financial institutions are evaluated based on these requirements as members of the Financial Action Task Force (FATF)." 

According to his comment, "If you don't meet these requirements, you'll receive a poor evaluation, which represents an additional obstacle to establishing relationships with financial institutions in other countries."