Cuba removes central bank approval for private foreign currency accounts

Cuba’s central bank removed the requirement for prior authorization to open foreign-currency accounts. This decision applies to individuals and legal entities operating outside the state sector. The new rule takes effect on September 17, 2026. It replaces the regulations in place since December 2025.

The change allows private businesses to deposit foreign-currency cash directly. They can also make payments abroad for imports and financing. This move aims to reduce friction in the banking system for non-state actors. It follows a series of liberalization steps since late 2025.

New rules replace prior authorization requirements

Resolution 102/2026 supersedes Resolution 125/2025. The central bank stated that account opening no longer requires specific approval. This applies to cooperatives, agricultural producers, and artists. The regulation expands the scope of permissible transactions for these groups.

Account holders retain full responsibility for their transactions. Banks must enforce due diligence protocols. These protocols address money laundering and terrorist financing. The framework also permits transfers between foreign-currency accounts.

Expanded access for non-state economic actors

The policy targets a specific segment of the economy. It includes communicators and creators operating independently. These actors were previously restricted in their banking options. The new rules allow them to purchase and sell foreign currency. They can do so through authorized exchange mechanisms.

In June, private actors gained the right to deposit US dollars. They no longer face mandatory conversion into Cuban pesos. This step preceded the broader account opening changes. It reflects a gradual shift in state policy.

Context of economic crisis and currency shortages

Cuba faces a severe economic crisis. Foreign-currency shortages remain persistent. There is a growing gap between official and informal exchange rates. According to GN markets/fx (en-US), these measures aim to provide greater flexibility. They seek to facilitate operations for non-state entities.

The government has introduced multiple measures since late 2025. These steps allow non-state businesses to access foreign currency. The banking system now serves a wider range of actors. The goal is to stabilize financial flows for private enterprises.