The Use of US Bank Accounts from Cuba Can Mitigate the Shortages, Says D Frente

The opposition platform announced that U-turn transfers would result in an increase in remittances

D Frente states that MSMEs currently supply essential products /EFE

14ymedio bigger14ymedio, Havana, 3 June 2024 — The opposition platform D Frente [D Front] is in favor of the new measures taken by the United States towards Cuban entrepreneurs. In a statement made public this Friday, the organization affirms that the fact that private individuals can open and operate American bank accounts online is an opportunity to mitigate the economic crisis on the Island.

The new regulation, the statement says, could “contribute to mitigating inflation problems, facilitate the ability to import basic products that are so urgent for our population today, and perhaps untie some ’knots’ that limit production.”

According to D Frente, transactions from Cuban soil through US digital banking would offer “a horizon of empowerment for the island’s incipient MSMEs,” which it considers to be the “main supplier of essential products for Cubans” in the face of “the incapacity of the State as a distributor.”

Cubans traveling to the United States could already open bank accounts in that country before the new measures announced this week, but once they returned to Cuba they could not use them due to the embargo that weighs on the Island

The statement from the opposition platform, which recently reformed its organizational chart, emphasizes that with the facilities granted to Cuban entrepreneurs from the US banks, better access to computer services could be achieved. These services, they continue, “are the central column of the functioning of contemporary economies.”

“Fluid access to the North American market, and allowing a greater flow of foreign currency to Cuba, through U-turn transfers, would translate into an increase in remittances and therefore liquidity in the country,” they also say.

In any case, D Frente warned that “there will be no definitive solution without the State returning sovereignty to the people, so that individual and social freedom can become the soul of the Republic that we deserve.”

D Frente demanded that the Cuban Government complete and implement the Business Law, announced in 2022, and remove “all the obstacles” it imposes on private business, foreign investment and the establishment of an effective economic model.


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