This Thursday, the Cuban government announced new regulations through the Official Gazette that ease access to foreign currency bank accounts for both individuals and businesses, domestically and internationally. This update removes the prior requirement for approval from the Central Bank of Cuba (BCC) to open such accounts.
The regulations, identified as Resolution 102/2026 by the BCC and Resolution 103/2026 by the Ministry of Economy and Planning, were published in Ordinary Gazette No. 76. They replace previous rules from December 2025, continuing the government's ongoing currency reform efforts from late last year.
One of the most significant changes in Resolution 102/2026 is found in Article Four, which states, "The opening of foreign currency accounts by individuals and legal entities in banks does not require prior authorization from the Central Bank of Cuba."
This policy extends to non-state economic actors—such as small and medium-sized enterprises, cooperatives, self-employed workers, artists, and agricultural producers—as well as religious institutions, fraternal associations, and foreign clients. Cuban residents abroad also qualify, provided they have a valid consular passport with a visa.
The resolution explicitly allows private businesses to accept cash payments in foreign currencies—such as dollars and euros—and deposit these directly into their foreign currency accounts, bypassing mandatory conversion to Cuban pesos.
Account holders can use these accounts for international payments related to imports, as well as for making transfers, withdrawing cash in foreign currencies, and exchanging currencies within the financial market.
Resolution 102/2026 is set to take effect around September 17, a week after its publication. It emphasizes that banks will exercise "due diligence" in preventing money laundering, financing of terrorism, and the spread of weapons of mass destruction.
Meanwhile, Resolution 103/2026 from the Ministry of Economy and Planning, signed on August 31 by Minister Joaquín Alonso Vázquez, details the foreign currency retention framework and became effective on its release date.
According to this rule, economic actors without an approved retention coefficient will retain 80% of their foreign currency income from exports, e-commerce, and sales to the Mariel Special Development Zone, among other sources; the remaining 20% will be contributed to the central treasury and credited in local currency at the current exchange rate.
However, for revenues from external financing, donations, international cooperation funds, and contributions from foreign investors, retention is set at 100%.
The resolution acknowledges the "partial dollarization" of the Cuban economy, enabling inter-company and wholesale transactions to be conducted in either local currency or foreign exchange, as agreed by the parties involved.
These measures represent the latest steps in a series of currency reforms that began in late 2025. In January, the Metropolitan Bank authorized foreign currency purchases for small and medium-sized enterprises and cooperatives under Segment III of the currency market. In March, Vice Prime Minister Óscar Pérez-Oliva Fraga announced that Cuban emigrants could open foreign currency accounts in the island's banks to invest in the national economy.
In June, Prime Minister Manuel Marrero Cruz presented a package of 176 economic and social measures to the National Assembly, including the expansion of partial dollarization, the creation of a digital currency market, and the authorization of private exchange houses.
All these developments occur amid a severe economic crisis: Cuba's GDP contracted by approximately 5% in 2025, accumulating a total decline of over 15% since 2020, with official inflation reaching 14.07%. Meanwhile, the informal market exchange rate for the dollar surpassed 472 Cuban pesos per unit in October 2025.
Key Changes in Cuban Currency Regulations
What are the new regulations regarding foreign currency accounts in Cuba?
The new regulations allow individuals and businesses to open foreign currency bank accounts without prior authorization from the Central Bank of Cuba. This applies to both domestic and international accounts.
Who can benefit from these new regulations?
Non-state economic actors, such as small and medium-sized enterprises, cooperatives, self-employed individuals, artists, and agricultural producers, as well as religious institutions, fraternal associations, and foreign clients, can benefit. Cuban residents abroad are also eligible with a valid consular passport and visa.
How do these regulations impact private businesses in Cuba?
Private businesses are now expressly permitted to accept cash payments in foreign currencies and deposit these directly into their foreign currency accounts, without mandatory conversion into Cuban pesos.