The Central Bank of Cuba (BCC) has released Resolution 102/2026, which outlines the guidelines for opening and managing bank accounts in foreign currencies. This new policy applies to both Cuban and foreign individuals and legal entities engaging in economic activities within the nation.
This regulation was published in the Official Gazette No. 76 Ordinary of 2026, spanning pages two to seven, and will come into effect seven days following its publication, around September 17th.
The new resolution replaces Resolution 125/2025, which governed the same issues since December 17, 2025. The text of the current resolution justifies the change by stating: “The Economic and Social Transformations approved necessitate the repeal of Resolution 125 [...] to amend the handling of foreign currency cash deposits by non-state economic actors, as well as overseas payments for imports, financing, and other legitimate purposes.”
A significant change introduced is that banks can now open currency accounts without prior BCC authorization. Article 4 stipulates, “The opening of foreign currency accounts in banks by natural and legal persons is conducted without prior authorization from the Central Bank of Cuba.”
Article 5 places the responsibility on account holders: “Holders of foreign currency bank accounts are accountable for the transactions recorded in these.”
In terms of financial oversight, Article 6 mandates that banks must exercise due diligence “in accordance with the legal provisions in force concerning the fight against money laundering, terrorism financing, and the proliferation of weapons of mass destruction.”
Scope and Requirements of the New Resolution
The resolution encompasses a broad range of account holders. According to Article 1, it applies to Cuban and foreign individuals and legal entities, international economic association contracts, local development and international cooperation projects, as well as accounts linked to magnetic cards of non-state economic actors, religious institutions, and fraternal associations.
The term “non-state economic actor” refers to those conducting legally authorized productive, commercial, or service activities outside the state sector, including cooperatives, agricultural producers, communicators, artists, and creators.
To open an account, Cuban citizens must provide their identity card, while Cuban residents abroad need to present a valid consular passport with a visa.
For legal entities, necessary documentation includes proof of establishment, statutes, registration in the Commercial Registry, board composition, and a tax identification number (NIT) issued by the ONAT, among other requirements.
Resolution 102/2026 is underpinned by two regulatory pillars: Decree-Law 113/2025 “On Foreign Currency Transactions in the National Economy” and Resolution 103/2026 from the Ministry of Economy and Planning, also published in the same Gazette No. 76.
This is the latest in a series of adjustments to the exchange rate regime that the Cuban government has been implementing since late 2025, when it allowed micro, small, and medium enterprises (MSMEs) and cooperatives to purchase foreign currencies through the banking system. In June, private actors were permitted to deposit dollars in cash without mandatory conversion to Cuban pesos.
Frequently Asked Questions on Cuban Foreign Currency Regulations
What is Resolution 102/2026 about?
Resolution 102/2026 by the Cuban Central Bank sets the guidelines for opening and managing bank accounts in foreign currencies for both individuals and entities engaged in economic activities in Cuba.
When does the new resolution take effect?
The resolution will become effective seven days after its publication in the Official Gazette, which is around September 17th, 2026.
Who can open foreign currency accounts in Cuba?
Both Cuban and foreign individuals and entities, including non-state economic actors, can open foreign currency accounts, without needing prior authorization from the Central Bank of Cuba.