LatinNews Daily - 11 April 2023

In brief: Cuba lifts ban on US dollar deposits in banks

* Cuba’s central bank (BCC) has issued a resolution lifting a ban on US dollar deposits in banks and financial institutions, reversing a policy which had been in place since June 2021 which at the time the Cuban government had blamed on the US economic embargo. According to the BCC, the decision to lift the ban reflects “current circumstances” and “economic policy priorities”. While Cuba’s economy remains in a dire state, amid worsening shortages of fuel, food and other essentials, the BCC highlights that the island’s crucial tourism industry has shown signs of recovery following its collapse due to the coronavirus (Covid-19) pandemic. It also said that the conditions surrounding the lifting of the ban had been created by currency reforms carried out in August 2022.

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