In a recent development, 39 small and medium-sized enterprises (SMEs) in Villa Clara have successfully purchased foreign currency through the Bank of Credit and Commerce (Bandec). This initiative is part of the significant changes underway in Cuba's currency exchange landscape.
According to reports from the state-run station CMHW "La Reina del Centro," non-state economic actors have been eligible since January to request foreign currency through Bandec's digital platforms. This move is seen as a step towards modernizing the country's financial operations.
Lisbet Torres Martínez, the head of Bandec's branch 4351 in Santa Clara, noted that each transaction is preceded by thorough identity checks and account verifications, in alignment with the current regulatory framework for control and traceability.
These transactions are integral to the revamped exchange market design sanctioned by the Central Bank of Cuba. They are conducted under the stipulations of Resolution 128 of 2025. According to the established procedures, currency sales occur every 30 days. The maximum amount an economic actor can purchase is determined by 50% of the average income in their fiscal account over the past three months, divided by the current exchange rate in Segment III.
All transactions are carried out through bank accounts, whereby Cuban pesos are deducted from the SME's fiscal account and the acquired foreign currency is credited directly to their foreign currency account.
Applications can be submitted via Bandec's digital platform Kiosco or through the bank's online reservation portal. This initiative follows the announcement in January by the Metropolitan Bank of Cuba, which opened banking channels for SMEs, non-agricultural cooperatives, and other non-state economic actors to apply for currency purchases, as per the Central Bank of Cuba's Resolutions 127 and 128 of 2025.
While the official media touts this measure as part of the "implementation of currency market transformations," it effectively expands formal access to foreign currency within the private sector. Nevertheless, the process remains tightly controlled by the Cuban government, which retains the authority to dictate who can purchase foreign currency, how much they can buy, and how often.
Understanding Cuba's Currency Exchange Changes
What are the criteria for SMEs to purchase foreign currency in Cuba?
SMEs must undergo identity and account verifications, and their purchase limit is based on 50% of their average income over the last three months, divided by the current exchange rate.
How often can SMEs buy foreign currency under the new system?
Purchases can be made every 30 days, following the guidelines set by the Central Bank of Cuba.
What digital platforms are used for currency transactions in Cuba?
Transactions can be processed through Bandec's Kiosco digital platform or the bank's online reservation portal.