Cuban, US banks to enhance cooperation

Cuban, US banks to enhance cooperation despite blockade

Havana, June 28 (IANS) Cuba’s central bank and US financial institutions are enhancing cooperation that covers remittances and credit cards despite legal challenges imposed by Washington’s blockade on the island.

“Until today, Cuba hasn’t been able to do financial transactions directly with US banks although we’re working together with several institutions to do it in the near future in a safe and efficient manner,” Irma Martinez, first vice-president of the island’s central bank, told reporters on Monday.

Stonegate Bank, a Florida-based institution, is the only US bank that has financial relations with Cuba after it opened an office in Havana in July of 2015, Xinhua news agency reported.

The bank’s clients that travel to the island can use their debit and MasterCard credit card.

Martinez announced on the sidelines of the launch of financial services that will allow worldwide MasterCards, including Stonegate’s, can be used to withdraw cash at automatic teller machines in Havana, something that was not possible in the past.

The Cuban official said Havana is open to expanding financial and institutional cooperation with other US banks.

Earlier this year, as part of his efforts to improve relations with this Caribbean nation, US President Barack Obama relaxed restrictions on financial services to reduce the risks of American travellers from carrying large amounts of cash.

According to Tania Fernandez, Cuba banking manager at Stonegate, about 500 cards have been issued in the last two weeks mainly to Cuban-Americans that travel to reunite with family members and US firms interested in doing business in the island country.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here