Central Bank of Cuba allows foreign currency accounts without prior approval under updated national allocation rules

The Central Bank of Cuba and Cuba’s Ministry of Economy and Planning have issued complementary rules updating the management, allocation and control of foreign currency. Individuals and legal entities conducting economic activity may open foreign currency accounts in Cuba or abroad without prior authorization, but must notify the central bank and the National Tax Administration Office. The framework aligns earlier rules with economic and social changes approved on June 18 and expands the role of private entities, businesses and local projects in foreign currency transactions. The ministry’s rule recognizes intercompany and wholesale transactions as sources of foreign currency, enables direct foreign currency payments between economic actors and permits retained funds to be sold into the foreign exchange market for Cuban pesos. Foreign currency may be used in wholesale trade, while retail transactions in USD require approval based on the national interest. The central bank’s rule takes effect seven days after its Gazette publication. Non-state economic actors may accept cash foreign currency payments at the customer’s discretion, but must deposit the funds into designated fiscal accounts in foreign currency or Cuban pesos at the exchange rate applicable to their market segment. The ministry’s rule remains in force through Dec. 31, 2026, and also covers economic association contracts, local development projects and international cooperation projects.