Cash withdrawals from ATMs will be restricted to Cuban micro, small and medium enterprises

Cash withdrawals from ATMs will be restricted to Cuban micro, small and medium enterprises

Among the measures to be adopted in Cuba to improve the availability of funds at ATMs is the limitation of cash withdrawals to micro, small and medium enterprises.

This was announced by the Board of Directors of Bandec in Sancti Spíritus to the newspaper Escambrayfrom that county. “During the shortage, the extraction of large volumes by certain sectors such as MSMEs, the self-employed, mainly the self-employed, also hits us,” he said.

To mitigate “this bottleneck in ATMs,” he affirmed, “at the state level, some restrictions will be imposed soon to limit the withdrawal of such large quantities by these particular tranches in ATMs.”

“This way the availability of cash can last a little longer,” the official from the accounting field believes.

“We have to try to ensure that it stays open as long as possible, and that money gets to us on time, especially high-denomination notes,” journalist Marie Luz Borrego told the journalist.

According to the aforementioned article, many private initiatives do not accept electronic means of payment in their services, “because they are afraid of controlling their money, as this money will go to their operational accounts and they will have to pay taxes there.”

Cashless ATMs in Cuba

In fact, they assure from the BPA of the territory that the majority of customers who use electronic channels to pay for services and make transfers “are natural persons and it is not companies, nor SMEs, nor self-employed, who concentrate the largest volume of money for your transactions.

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This is a reality they intend to change in Cuba. And they said: “The idea is not to increase growth in ATMs, but in operations through payment channels.” Escambray.

The sources consulted by the local newspaper also denied a rumor about the depletion of liquidity in banks and the inability of workers of some companies to collect their salaries.

There is no late payment of salary due to lack of funds in the branches. In our banks there is money, but the salary amounts are very high, you have to organize the withdrawal issue, ”they said from Bandec.

Aygen Marsh

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