The Cuban government had announced the ban almost two years ago, saying at the time that the move was due to continuing difficulties caused by the ongoing US embargo. theSun theSundaily USDollar banking deposit ban Cuba WorldNews
This file photo taken on August 4, 2022, shows a one US dollar bill and Cuban pesos in Havana, on August 4, 2022. - AFPPIX: Cuba’s government on Monday announced a surprise lifting of its ban on US dollar deposits in banks, reversing a policy which had been in place across the communist island nation since June 2021.
The Cuban government had announced the ban almost two years ago, saying at the time that the move was due to continuing difficulties caused by the ongoing US embargo. However it is also seeing its vital tourism industry pick up following a collapse during the pandemic, which the government cited as one of the reasons for the move on Monday.
After a relative easing under the presidency of Barack Obama, sanctions were ramped up during Donald Trump’s tenure in the White House. During his administration’s final days in office in January 2021, the United States added Cuba back to its list of state sponsors of terrorism.
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