🧵 1. Cuban Central Bank bans ATMs for businesses, limits cash transactions in a bid to control inflation and promote electronic payments amid economic crisis. #world
🧵 1. Cuban Central Bank bans ATMs for businesses, limits cash transactions in a bid to control inflation and promote electronic payments amid economic crisis. #world
🧵 2. New regulations limit cash transactions to 5,000 pesos, gradually implemented over 6 months to combat runaway inflation and devaluation of the peso.
🧵 3. Cuba tackles inflation, pegs exchange rate at 24 pesos to the dollar for select companies, tourists, and residents; informal market rate soars to 230 pesos.
🧵 4. Government aims to promote "banking" and encourage electronic payments to address rising inflation and shortages of goods in the struggling economy.
🧵 5. Cuban economic crisis: GDP grew 1.8% in H1 2021 but remains 8% below pre-pandemic levels, causing shortages and disarray in the state-run banking system.
🧵 Read more at: https://www.reuters.com/world/americas/cuba-bans-company-access-atms-limits-cash-transactions-2023-08-03/