You are here: Home » International » News » Others
Business Standard

Cuban, US banks to enhance cooperation despite blockade

Stonegate Bank, a Florida-based institution, is the only US bank that has financial relations with Cuba after it opened an office in Havana

Topics
Us-cuba

IANS  |  Havana 

Cuban, US banks to enhance cooperation despite blockade

Cuba's central bank and US financial institutions are enhancing cooperation that covers remittances and credit cards despite legal challenges imposed by Washington's blockade on the island.

"Until today, Cuba hasn't been able to do financial transactions directly with US banks although we're working together with several institutions to do it in the near future in a safe and efficient manner," Irma Martinez, first vice-president of the island's central bank, told reporters on Monday.

Stonegate Bank, a Florida-based institution, is the only US bank that has financial relations with Cuba after it opened an office in Havana in July of 2015, Xinhua news agency reported.

The bank's clients that travel to the island can use their debit and MasterCard credit card.

Martinez announced on the sidelines of the launch of financial services that will allow worldwide MasterCards, including Stonegate's, can be used to withdraw cash at automatic teller machines in Havana, something that was not possible in the past.

The Cuban official said Havana is open to expanding financial and institutional cooperation with other US banks.

Earlier this year, as part of his efforts to improve relations with this Caribbean nation, US President Barack Obama relaxed restrictions on financial services to reduce the risks of American travellers from carrying large amounts of cash.

According to Tania Fernandez, Cuba banking manager at Stonegate, about 500 cards have been issued in the last two weeks mainly to Cuban-Americans that travel to reunite with family members and US firms interested in doing business in the island country.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, June 28 2016. 08:06 IST
RECOMMENDED FOR YOU
.