Cuba’s banks have run out of money, and authorities are carrying out these confiscations supposedly to pay pensions

14ymedio, Havana, June 28, 2026 — “Some inspectors arrived and demanded that all the cash in the register be handed over,” a witness to one of these operations told 14ymedio. Similar incidents have reportedly occurred in several provinces across the country. He witnessed it in Holguín, but other sources describe comparable situations involving private small and medium-sized enterprises (MSMEs) in Matanzas and Camagüey. “In exchange, they make a bank transfer to you, but when you go to withdraw the money from the bank, you can’t get any cash,” he said of one of the operations. “They give you a transfer, but when you try to withdraw the money, there’s no cash available.”
Authorities, who publicly accuse mipymes of hoarding banknotes, have begun forcibly removing the cash accumulated in private business registers and replacing it with bank transfers. Witnesses describe an almost identical procedure, carried out by inspectors, bank officials, and police officers, leaving businesses without money to make change, pay suppliers, or restock merchandise.
Another complaint circulated on Facebook this Friday describes a similar situation in Matanzas and attributes the measure to the inability to pay pensions. “Banks in Matanzas have run out of cash and have not been able to pay retirees,” continue reading
The text claims that the Provincial Government, the Communist Party, executives from Banco de Crédito y Comercio and Banco Popular de Ahorro, together with police officers and inspectors, are “invading private businesses to seize all the cash on hand at that moment.”
Businesses are left “without cash to operate, not even money to give change”
“Without prior notice to the businesses, they close them down, enter them, count all the cash in the registers, and force them to hand it over,” the complaint states. Afterwards, it adds, officials make “a bank transfer to the business’s fiscal account for the same amount of cash that was taken.”
The post maintains that businesses are left “without cash to operate, not even money to give change,” and attributes the decision to the First Secretary of the Communist Party in Matanzas and the provincial governor. It also claims that some owners who resisted were threatened with fines, the closure of their businesses, or even detention.
The account from Matanzas matches a complaint made by Katia Castello Morgade, a self-employed entrepreneur in Camagüey, who said that Finance inspectors, accompanied by police officers and bank employees, were removing money from private establishments after conducting cash audits.
“During the inspection they count the cash and immediately deposit or transfer it into the banking system, leaving businesses without liquidity,” summarizes one of the videos posted on Instagram.
The entrepreneur clarified that officials do not directly appropriate the money but instead force businesses to deposit it into the bank. The result, however, is that the business loses the banknotes it needs to operate and receives in return an electronic balance that is difficult to use in an economy where many suppliers accept only cash. Added to this are the difficulties of making electronic payments, since power outages prevent such operations for long periods.
The State requires businesses to deposit cash, but the banks do not guarantee that it can be withdrawn later
For years, Cuban authorities have been trying to force the banking of commercial operations. Resolution 111 of 2023 by the Central Bank established limits on cash collections and payments, as well as rules governing the deposit, withdrawal, and possession of cash. The regulation requires economic actors to deposit their daily income but does not explicitly state that inspectors and police officers may remove all the money found during an inspection without leaving even a cash reserve.
The problem has worsened because banking works only in one direction. The State requires businesses to deposit banknotes, but banks do not guarantee that the money can later be withdrawn. State media itself has reported complaints for years about the lack of cash in ATMs and bank branches, restrictions on withdrawing funds—including wages—and the refusal of many establishments to accept transfers.
The reported operations appear to respond to a more immediate need than fiscal discipline. Faced with a shortage of banknotes to pay pensions, salaries, and benefits, the Government appears to be turning to the cash registers of mipymes and self-employed workers as a source of immediate liquidity.
So far, neither the Central Bank, the provincial governments mentioned, nor the Ministry of Finance and Prices has publicly reported on these operations. Nor have they explained what regulation authorizes the temporary closure of a business, the counting of its cash, and the mandatory replacement of banknotes with a transfer that, in practice, cannot be converted back into cash.
Translated by Regina Anavy
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