“We need to withdraw more and more, and the banks are giving less and less,” lamented one client about inflation.
Juan Diego Rodríguez, Havana, June 10, 2025 — Branch 264 of the Metropolitan Bank of Havana, located on La Rampa in the city’s Vedado district, was a swarm of activity on Monday as evidenced by the large crowd waiting for the ATMs to be activated. “Where’s the money I worked 38 years for? I can’t even take out what little I have in my checking account,” shouted a retiree who was waiting in line.
Though the machines were flush with cash by the time the bank opened at 8:30, there was not a peso to be had just two hours later. Withdrawals were limited to 5,000 pesos per person inside the sweltering premises, whose air-conditioning had been turned off in an effort to save energy. In other neighborhoods such as Luyanó, the limit was only 2,000 pesos.
The scene was much the same at the city’s other banks, and not just yesterday and today. For several weeks now, people could be seen lying on sidewalks and camping out in nearby parks. “There’s no money for the people but it’s like the Gilded Age for the ’nouveau riche’ business owners and Central Committee members,” complained a teacher — his skin reddened by Havana’s summer sun — to the tellers at the Obispo Street branch. Havana residents’ frustrations over rampant inflation and widespread hardships have only been exacerbated by having to wait in the heat.
Meanwhile, at a branch bank in the Tenth of October district, an Interior Ministry policeman waited his turn, along with other customers, after parking his motorcycle under a shade tree. “They don’t have their own bank so they get to enjoy the ’ humane and socialist’ revolution,” said a woman to a family member in a low voice, referring to the uniformed officer.
Ask random customers why they are waiting in line and they will tell you they need more cash because prices have gone up. “An avocado costs 500 pesos. A private taxi is 25o minimum. I can easily spend between 1,000 and 2,000 pesos just on transportation,” says a young man who works for a small business. “We need to withdraw more and more but banks are handing out less and less.” Inflation has even led to changes in the way vehicles carry cash.
The National Office of Statistics and Information reported that inflation was 16.4% in May, the lowest rate since the COVID-19 pandemic. While still high, it is significantly lower than the 31.11% recorded in the same month last year. Though the government is pleased with the gradually declining inflation rate, Cubans — especially those who do not receive remittances from relatives overseas — do not notice it in their daily lives. And neither do the banks.
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