Havana Faces Criticism: Bank Allegedly Lowers Cash Withdrawal Limit to 3,000 Pesos

A recent social media report has raised concerns over a new limitation imposed by the Banco Metropolitano located on O'Reilly Street in Old Havana. The maximum cash withdrawal per individual has reportedly been slashed from 5,000 to a mere 3,000 Cuban pesos, an amount insufficient even to purchase a carton of eggs.

The warning was shared by activist Irma Lidia Broek, who posted the video and details on Facebook after receiving the information directly from Havana.

"They just announced that the maximum cash withdrawal per person is being reduced from 5,000 to only 3,000 pesos. How are people supposed to survive on that? A bag of charcoal already costs between 5,000 and 6,000 pesos, not to mention the food prices that keep rising daily. This is unsustainable. Cuba is collapsing," Broek expressed on her Facebook page.

The post sparked immediate outrage among Cubans who commented, describing an everyday reality marked by severe shortages and banking frustrations.

Public Outrage and Banking Frustration

"This is something only the Cuban people endure, the lack of everything, there's never cash in banks, and now getting cash on the street costs 30-40% in transfers. No state center offers anything, private entities don't accept cash, we're living dead," lamented a citizen in the comments.

Another resident highlighted the mismatch between official rhetoric and banking practices: "ATMs in Marianao are the same, and now small businesses refuse to accept transfers. People are suffocated, desperate, and need to eat."

One Cuban woman succinctly articulated the bitterness of the situation: "You can't even withdraw the salary you worked for after a month; they give you what they deem fit after an exhausting, endless line."

"You can't leave money in the bank anymore," concluded another individual, summarizing the widespread distrust the regime has cultivated through years of restrictions, empty ATMs, and endless queues.

Banking Crisis Deepens

If confirmed, this new restriction would exacerbate an already rapidly deteriorating banking crisis. Since August 2023, the Central Bank of Cuba's Resolution 111/2023 had capped ATM withdrawals at 5,000 pesos per transaction as part of a forced banking policy. Reducing it to 3,000 pesos marks a setback even within this existing limit.

The basic per capita cost of living in Cuba is estimated at 96,060 pesos monthly, while the average state salary hovers around 6,930 pesos. Over 1.7 million retirees receive pensions ranging from 3,056 to 4,000 pesos per month, less than seven dollars at the informal exchange rate, facing hours-long lines to access this money.

Economic Measures and Challenges

In early June, Fincimex halted operations with Visa and Mastercard due to U.S. sanctions on institutions linked to GAESA, the military elite's conglomerate controlling much of Cuba's economy.

Of the total ATMs operated by Banco Metropolitano across Havana's 15 municipalities, only about 200 out of more than 500 were functioning in June. In Santa Clara, a resident took three days to withdraw just 40% of their salary, according to a complaint that emerged last week.

It is noteworthy that in recent days, the National Assembly of People's Power approved an extraordinary session of 176 economic measures, including, among other provisions, the removal of limits on bank withdrawals and the authorization of private banking for the first time since 1959.