Cuba updates foreign currency account rules for private businesses
Cuba has approved new rules for bank accounts in foreign currency, allowing private enterprises and other non-state economic entities to deposit cash foreign currency and make overseas payments for imports, financing and other purposes permitted by law.
As Anadolu Agency reports, Central Bank of Cuba Resolution No. 102/2026 states that individuals and legal entities may open foreign currency accounts at banks without prior authorization from the central bank.
Operations for the non-state sector
The rules apply, in particular, to cooperatives, agricultural producers, communicators, artists and other creators working outside the state sector. The new mechanism changes the procedure for depositing cash foreign currency by non-state economic entities.
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Account holders have also been allowed to transfer funds between foreign currency accounts and to buy or sell foreign currency through authorized exchange mechanisms. At the same time, the account holder will be responsible for all transactions conducted through it.
Replacement of the previous resolution
Resolution No. 102/2026 replaces Resolution No. 125/2025, which regulated foreign currency accounts since December 2025. Banks must apply due diligence procedures in accordance with rules on combating money laundering, terrorist financing and the proliferation of weapons of mass destruction.
Since late 2025, Cuban authorities have introduced measures that gave non-state businesses access to foreign currency through the banking system. In June, private entities were also allowed to deposit cash US dollars without mandatory conversion into Cuban pesos. The changes are taking place amid a severe economic crisis, a shortage of foreign currency and a growing gap between official and unofficial exchange rates. The resolution is expected to enter into force seven days after publication, approximately on September 17.
