Prime Minister Manuel Marrero presents the National Assembly with a programme of free-market-oriented reforms
14ymedio, Havana, 18 June 2026 / The Cuban Government will open the financial system to private banking, allow the opening of foreign-currency accounts without prior administrative authorisation, and remove restrictions on foreign-currency payments between domestic businesses and foreign suppliers.
Cuban Prime Minister Manuel Marrero presented the National Assembly on Thursday with a broad package of economic reforms that includes the entry of private banks into the financial system and the opening of foreign-currency accounts without prior authorisation. “We wish to reiterate that these transformations do not constitute a departure from our socialist project; on the contrary, they respond to the inherent logic of its development,” the official stated, although the breadth and urgency of the measures make clear that they are also a response to the enormous pressure exerted by the United States to force changes on the Island.
The decisions form part of the package of economic reforms presented before the National Assembly on Thursday, having been approved by the Central Committee of the Communist Party in an extraordinary session. These measures are due to be adopted that same Thursday by the deputies in a vote that is usually an uncontested formality.
“Private banking will operate under the supervision of the Banco Central de Cuba on equal regulatory terms with state banking”
According to the measures announced, “private banking will operate under the supervision of the Banco Central de Cuba on equal regulatory terms with state banking.” The text does not specify when these entities may begin to be established, who may own them, or what minimum capital they will be required to contribute. The opening will also allow the private-capital banking sector – whether national or foreign – to finance microcredit.
Private participation in the Cuban financial system had been practically excluded until now. Last March, however, the Government had already authorised Cubans resident abroad to participate – subject to a licence from the Banco Central – in investment banks, non-bank financial institutions, and other entities recognised under Cuban legislation.
Another of the proposals consists of allowing natural and legal persons to open foreign-currency accounts without requiring prior administrative authorisation. Restrictions on foreign-currency payments between businesses with foreign capital and their domestic suppliers will also be lifted.
The scope of these decisions will depend on the ability of Cuban banks to actually have access to deposited funds. For years, foreign companies and private businesses have reported difficulties in withdrawing or transferring the foreign currency reflected in their accounts.
Among the measures is also the creation of the figure of the “last-mile payment agent”, through which private actors will be able to formally channel remittances sent to Cuba
The package also envisages the creation of a regulatory framework for virtual assets and the use of financial technologies in domestic and international payments and collections. The Government intends to create financial entities specialised in virtual assets, although it has not explained which cryptocurrencies will be accepted or how such operations will be carried out.
Among the measures is also the creation of the figure of the “last-mile payment agent”, through which private actors will be able to formally channel remittances sent to Cuba. The authorities also intend to seek new sources of capitalisation for banks, review the treatment of external debt, update interest rates, and accelerate the automation of financial services.
The announcement also includes the elimination of limits on bank transfers and cash withdrawals for natural and legal persons, both Cuban and foreign. The measure aims to ease one of the main obstacles faced by businesses, although its implementation will run up against the chronic shortage of cash that afflicts bank branches.
MSMEs will be able to employ more than 100 workers, a threshold that until now legally defined medium-sized enterprises
Beyond the financial system, it was announced that a single individual may now own more than one private company, and that micro-, small, and medium-sized enterprises (MSMEs) will be able to employ more than 100 workers – a threshold that until now legally defined medium-sized enterprises. The Government will also reduce the list of prohibited activities and allow businesses to carry out various lawful operations, provided they maintain their primary activity.
In the agricultural sector, the package provides for the authorisation of private companies and new foreign investment, allowing cooperatives and producers to import fuel and inputs directly, and reducing state intervention in price formation. Municipalities will also receive powers to approve or wind up companies and to authorise certain national and foreign investment projects.
The Government has not yet published a timetable for the reforms to come into force, nor the legal rules that will govern the operation of future private banks.
Translated by GH
______________________
COLLABORATE WITH OUR WORK: The 14ymedio team is committed to practicing serious journalism that reflects Cuba’s reality in all its depth. Thank you for joining us on this long journey. We invite you to continue supporting us by becoming a member of 14ymedio now. Together we can continue transforming journalism in Cuba.