On July 4, a columnist from the pro-government newspaper Juventud Rebelde published an opinion piece blaming the Cuban peso's liquidity crisis on wholesalers and private merchants, while sidestepping any accountability from the state's side. The response on social media was swift and clear: the regime and its banking system are the true culprits.
The article, titled "The Hijacking of the Cuban Peso" and penned by Yurisander Guevara Zaila, accuses those who hoard cash to convert into foreign currency, vendors who refuse electronic payments, and businesses that charge fees for cash withdrawals, as the main contributors to the monetary collapse affecting the population.
While the piece acknowledges that banking regulations are "consistently violated," it completely overlooks the government's role in the cash shortage, the decrepit banking infrastructure, and the rapid devaluation of the peso.
As the sole structural cause, the journalist points to an economy "strangled by the world's largest power," referencing the U.S. embargo, without mentioning over six decades of the regime's own economic mismanagement.
The Banco Metropolitano shared the article on its official Facebook page, triggering a wave of criticism from citizens rejecting the article's narrative.
"Nobody hoards large amounts of CUP because it's a very weak currency with high devaluation. The Cuban government and its financial system bear the greatest responsibility for all these issues, not just the cash shortage," one user commented on the Banco Metropolitano's page.
Another comment highlighted the daily contradictions Cuban families face: "Money on the card and an empty fridge. How do you explain to a child that there's money on the card but they can't eat bread because it didn't come to the bakery, and resellers and self-employed workers don't accept transfers? So we go to withdraw cash from individuals at 20-25-30%," the user explained.
A third comment directly accused the state of enabling the black market: "Our government greatly encourages the under-the-table sale of everything Cubans need. The black market thrives with the help of the state itself."
Cubans also questioned the propaganda surrounding the new high-denomination bills: "Where are the two thousand and five thousand peso bills? They only appeared when they were advertised," another user remarked, referring to the bills issued by the Central Bank in March and April, which have seen minimal distribution.
The context contradicts the official article's perspective: the dollar trades on the informal market for over 650 CUP, while the official rate remains around 590 CUP; more than 50% of ATMs in Havana are out of service; Banco Metropolitano reduced the withdrawal limit from 5,000 to 3,000 pesos per transaction in June; and the government itself admitted it lacks cash to pay pensions to 111,000 retirees in Havana.
This isn't the first time Banco Metropolitano has deflected blame for the monetary crisis. In May 2024, the institution accused the independent media outlet El Toque of causing "induced inflation" by publishing the informal market exchange rate.
The mandatory banking policy enforced in August 2023 is now deemed a structural failure, with only 3.77% of transactions in Cuba conducted digitally as of July 2026.
"You should be ashamed of this journalistic piece. You've done nothing or very little to solve this," a Cuban summarized on the bank's page, capturing the frustration of those who see the regime and its mouthpieces continually looking for scapegoats everywhere but in the mirror.
Understanding the Cuban Peso Crisis
What is causing the devaluation of the Cuban peso?
The devaluation of the Cuban peso is primarily attributed to the regime's economic policies, a failing banking system, and the state’s mismanagement over decades, along with external factors like the U.S. embargo.
How are Cubans responding to the peso's liquidity crisis?
Cubans have been vocal about their discontent on social media, criticizing the regime and its banking system for the financial turmoil and rejecting the blame placed on private merchants and wholesalers.
What impact does the banking system have on the Cuban economy?
The banking system in Cuba, characterized by a shortage of cash and outdated infrastructure, exacerbates economic challenges and limits the ability of citizens to perform digital transactions, further straining the economy.