Cuba is undergoing a change in its financial system. The government announced new regulations that allow the opening of foreign currency accounts without prior authorization, as well as payments abroad, although the local banking system will maintain control over some income.

It was learned that the Cuban government “expanded the foreign currency transactions permitted for micro, small, and medium-sized enterprises (MSMEs), self-employed workers, and other non-state actors” through Official Gazette No. 76, published on September 10, via Resolutions 102/2026 of the Central Bank of Cuba (BCC) and 103/2026 of the Ministry of Economy and Planning. Both provisions replace the regulations approved nine months earlier, in December 2025.

Specifically, Resolution 102 “eliminates the requirement for prior authorization from the BCC to open bank accounts in foreign currency. From these accounts, economic actors will be able to receive income from exports, e-commerce, transfers from abroad, and other authorized sources, as well as make payments abroad and transfers.”

It should be clarified that the resolution does not imply a liberalization of foreign currency transactions.

Furthermore, Resolution 103 establishes that “economic actors without an approved withholding tax rate will retain 80 % of certain foreign currency income, while the remaining 20 % ​​will be credited in national currency at the exchange rate of the segment in which they operate.”

In what cases does this scheme apply? It applies to income from exports, e-commerce, sales to the Mariel Special Development Zone, and certain wholesale transactions.

Private businesses will also be authorized to accept cash in foreign currency and must deposit it into their tax accounts. Retail payments will continue to be made in Cuban pesos, “except for foreign currency transactions expressly authorized by the Government.”

Payments abroad will be permitted for the import of goods and services, financing, and other expenses related to economic activity.

The government clarified that foreign currency withdrawals will be subject to availability and the commercial policies of Cuban banks.

M.Pino

Source: cubanet.org

(Reference image source: Igal Ness on Unsplash)

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Keeping an eye on your finances during Christmas, a season of increased spending, is increasingly important. Buying gifts, clothing, or traditional holiday foods requires taking the time to calculate costs, compare prices, and establish payment methods.

Sharing a Christmas meal with family and friends doesn’t have to drain your income. Making a list of necessary items to start comparing prices allows you to choose fresh products and avoid blowing your budget.

Regarding gifts, the key is to choose something truly nice and useful. In this case, it’s helpful to inquire about tastes and preferences to narrow down your search in stores. Currently, people prefer technology; that is, cell phones, televisions, wireless headphones, and game consoles. However, even a string of lights for the Christmas tree makes a good gift.

Ideally, you should prioritize your financial obligations, not only for the present but also for the future. It’s important to remember that the start of a new year is usually demanding financially.

Therefore, it is essential to make sure you pay all outstanding bills and payments due in December, such as mortgages, rent, utilities, and credit cards, before embarking on Christmas shopping without being aware of your own limitations.

Undoubtedly, this will allow you to clearly see how much money you have available and determine how you will pay for your purchases: in cash, with a debit card, coupons, or other methods. This reinforces personal and family financial responsibility.

M.Pino

With information from specialized financial media

(Reference image source: micheile henderson on Unsplash)

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