Authorities in Sancti Spíritus have reported that a financial crackdown initiated on August 10 has resulted in more than 6.3 million pesos being returned to the province's banking system.
The operation involved municipal and provincial inspectors, the National Tax Administration Office, the Communist Party, the Prosecutor's Office, the Comptroller's Office, and the banking system. The aim was to boost cash deposits and electronic payments among small and medium enterprises (SMEs) and self-employed workers, as reported by Radio Sancti Spíritus on Saturday.
José Couso Villarreal, head of the Business Banking Department at the Provincial Directorate of the Banco Popular de Ahorro, revealed that 29 SMEs, which previously did not make deposits, have started doing so. This resulted in an increase of over three million pesos, marking a 63% growth.
"We've seen growth percentage-wise, but we believe it can be much greater. There is more potential," acknowledged the official.
Among self-employed workers, 220 new individuals have started regularly depositing funds, leading to an additional increase of 3,272,500 pesos and a 122% growth.
However, Couso admitted that the current outcome "is still far from reaching our full potential."
Online payments saw a 47% increase, with an additional 6,650,000 pesos being transacted. Couso pointed out that this payment method is highly favored by the public, especially given the challenges of obtaining cash at banking institutions.
Couso justified the pressure on private economic actors by stating that the deposited funds enable the banking system to provide resources for paying pensions and wages to workers in various entities.
"It is crucial that money returns to the bank to meet all these needs," he stated.
An earlier inspection in the central province led to over 200 fines and the closure of at least five establishments due to price violations and failure to comply with payment gateways.
The overall situation remains dire. In May, a survey indicated that fewer than 10% of private businesses in the province regularly accepted electronic transfers, with some charging surcharges of up to 40% when customers chose that payment method.
Nationally, less than four percent of transactions are digital, despite the Central Bank mandating compulsory banking practices in August 2023 through Resolution 111/2023.
Following the widespread failure of this measure, the National Assembly approved Agreement X-171 in July, instructing the government and the Central Bank to adopt new corrective measures and present a report to the Council of State, with a results evaluation scheduled for December.
Impact of Financial Measures in Sancti Spíritus
What was the goal of the financial crackdown in Sancti Spíritus?
The operation aimed to increase cash deposits and electronic payments among SMEs and self-employed workers.
How many SMEs began making deposits after the crackdown?
29 SMEs, previously not making deposits, started doing so, resulting in a growth of over three million pesos.
What was the increase in online payments?
Online payments increased by 47%, with an additional 6,650,000 pesos transacted.
What actions did the National Assembly take following the failure of compulsory banking measures?
The National Assembly approved Agreement X-171, requiring new corrective measures and a report to be presented to the Council of State by December.