Cuba removes central bank approval for private currency accounts

Cuba has lifted the requirement for prior central bank approval for private entities to open foreign-currency bank accounts. Resolution 102/2026 takes effect in September. This change allows non-state actors to deposit foreign cash directly without regulatory pre-clearance.

The new rules replace Resolution 125/2025, which had governed these operations since December. The measure applies to cooperatives, agricultural producers, and artists. It facilitates banking access for the private sector during a period of severe economic crisis.

Direct access to foreign currency deposits

Individuals and legal entities can now open accounts without waiting for central bank permission. The regulation specifically targets non-state economic actors operating outside the state sector. This includes communicators and creators who previously faced bureaucratic hurdles in accessing international banking services.

Account holders retain full responsibility for all transactions processed through their accounts. Banks are required to apply strict due diligence measures. These controls address money laundering, terrorist financing, and weapons proliferation risks.

Expanded payment and transfer capabilities

The framework permits payments abroad for imports and financing. It also allows transfers between foreign-currency accounts. Authorized exchange mechanisms facilitate the purchase and sale of foreign currency. This provides greater flexibility in accessing the banking system.

Since late 2025, the government has gradually allowed non-state businesses to access foreign currency. In June, private actors gained the right to deposit US dollars in cash. These deposits no longer require mandatory conversion into Cuban pesos.

Economic context and implementation timeline

Cuba faces persistent foreign-currency shortages and a widening gap in exchange rates. The official rate remains far from the informal market value. These measures aim to stabilize the financial environment for private enterprises. GN markets/fx (en-US) notes the regulatory shift as a significant step toward liberalization.

Resolution 102/2026 becomes effective seven days after publication. The start date is on or around September 17. This timeline allows banks to update their systems and compliance protocols. The policy change reflects a broader effort to integrate private actors into the formal financial system.