Banks in Cuba run out of paper money, workers unable to cash their paychecks

Not only are there shortages of food, medicine, fuel, and basic items in communist Cuba, there is also a shortage of cash. Cubans who stand in line for hours since dawn to cash their measly government-provided paychecks are finding out the state-run banks don’t have any cash to give them.

Via Martí Noticias (my translation):

‘There is no money in the banks’: Cubans stand in line since dawn to cash their paychecks

“There is no money in the banks to pay people, everyone is upset and they haven’t even given us an explanation,” said Leydis Tabares, a Cuban who resides in Camagüey, to Martí Noticias this Friday.

The problem is nationwide, said Cubans consulted from different provinces by our editorial team. The lack of cash in ATMs has caused state workers to be unable to withdraw the salary deposited onto their magnetic cards.

“In Sancti Spíritus, queues start forming since dawn because by nine or ten in the morning there is no cash left. Some employees have had to wait up to 45 days to be able to withdraw,” reported independent journalist Adriano Castañeda.

According to the journalist, the process of banking and the limitation of cash withdrawals is the cause of this crisis. “That system is a disaster,” he opined.

“A general reform is needed in Cuba, of all kinds, social, political, and economic,” commented independent journalist Guillermo del Sol. According to him, many owners of private businesses in the country have stopped depositing cash due to the same restrictions imposed by the regime.

“The money that Micro, Small, and Medium-sized Enterprises (MSMEs) deposited in the bank they couldn’t retrieve, so they stopped depositing money in banks. And since they are the ones carrying the weight of what little works within Cuba, the banks ran out of money. That’s what’s happening right now,” he explained.

William Tamayo, a resident of Banes municipality in Holguín province, clarified that this crisis is not new and that workers are unprotected because the state union does nothing for them.

In Guantánamo, the shortage of money for worker payment affects all sectors and is creating another type of business in the streets.

“Some charge for making the long queues in the early mornings for employees. There are also people who have cash and charge a 10% fee to deliver the amount of money they have on the card,” commented independent journalist Anderlay Guerra Blanco.

“When there’s an ATM with money, the queues are endless,” said opposition member José Rolando Cásares, who resides in Pinar del Río.

Independent journalist Vladimir Turró explained that in the capital, there are even people who line up pointlessly because at dawn, the bank doesn’t supply cash to the ATM.

“We’re talking about people who gather at banks, some even go to sleep at the ATMs, trying to get some cash, and so they spend days trying to withdraw money,” he said.

3 thoughts on “Banks in Cuba run out of paper money, workers unable to cash their paychecks”

  1. The only ones that matter are the elites in government and military. However, once the “enforces” who protect these elite people are not paid, they will stop protecting. Will Cuba go the way of Haiti or the way of Romania? Only a matter of time now.

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