Private businesses in Cuba — MSMEs* — will be able to buy foreign currency once a month, according to a calculation made by the Central Bank based on each company’s income in previous months.
14ymedio, Havana, January 10, 2026 — The announcement by the Central Bank of Cuba (BCC) about opening a banking channel that allows private MSMEs to purchase foreign currency adds another layer to the already tangled foreign exchange market. The information was shared by Banco Metropolitano on its social media accounts and is presented as part of the new “ordering” task. Put simply: the State says that, from now on, some private businesses will be able to buy dollars legally through banks, but under very strict rules.
According to the explanation, purchases will be made based on the new floating exchange rate, which currently stands at 413 pesos per dollar. Only one purchase per month will be allowed, and business owners will not be able to choose the amount, because the bank will calculate it by taking the average of what entered the company’s tax account over the last three months, using only half of that amount and converting it at the floating exchange rate in effect at the time.
In practice, this means that if an MSME has had low or irregular income, it will be able to buy very few dollars, even if it urgently needs them to import raw materials, pay for services, or meet contractual obligations. And if the business is just starting out and does not yet have an income history, it may simply be left out altogether.
The BCC also made it clear that the entire process will be “banked.” Cuban pesos will be withdrawn compulsorily from the tax account, and the purchased foreign currency will be deposited only into a foreign-currency account belonging to the same economic actor. There will be no cash, no informal transfers, and no room for maneuvering. Before approving the transaction, the bank will review the customer’s profile, accounts, and the origin of the funds, as part of the controls that currently weigh on any economic activity on the Island.
In recent years, several “solutions” for private-sector access to foreign currency have been introduced, almost all with big headlines and very modest results.
Applications must be submitted online, through the online Metropolitano en Línea service. On paper, it sounds modern and organized. In real life, many business owners recall that State banking platforms often fail, collapse, or become inaccessible precisely when they are most needed, especially outside Havana.
Beyond the technical language, the question many business owners are asking is quite straightforward: is this enough to solve anything? The answer, at least for now, seems to be no. The main problem remains the scarcity of foreign currency. The State is not offering new dollars; it is only saying how and to whom it will sell a portion of the few dollars it has.
Moreover, the floating rate set by the Central Bank, although periodically adjusted, still falls far short of reflecting the real street price of the dollar (460 pesos per dollar this Saturday), where most transactions take place. As long as that gap exists, many business owners will continue to find it less cumbersome and more efficient to turn to the informal market rather than submit to a lengthy banking process to purchase a limited amount of foreign currency.
This is not the first time the government has announced mechanisms of this kind. In recent years, several “solutions” for private-sector access to foreign currency have been rolled out, almost all with major announcements and very discreet outcomes.
For some SMEs with stable income, good relations with their bank, and the patience to deal with bureaucracy, this channel may serve as a complement. For most, however, the underlying problem remains unchanged: there are not enough dollars in the system, and the State dispenses them by the drop.
*Translator’s note: MSME is “micro, small and medium enterprises”
Translated by Regina Anavy
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