Cuba issued new resolutions to regulate foreign currency management, granting greater flexibility to economic actors and allowing the opening of accounts abroad without prior authorization.
New resolutions update the legal framework for the management, control, and allocation of foreign currency in the national economy. Photo: Prensa Latina
September 11, 2026 Hour: 1:47 pm
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On Thursday, Cuba’s Official Gazette published two regulations governing the handling of foreign currency in the country. Resolutions 103/2026 from the Ministry of Economy and Planning (MEP) and 102/2026 from the Central Bank of Cuba (BCC) establish the sources of access and the rules allowing economic actors to conduct foreign currency transactions in an orderly and legal manner.
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MEP Resolution 103/2026 establishes the general framework for the national economy’s foreign currency management, control, and allocation system. Suset Rosales Vázquez, the MEP’s Director General of Planning and Development, noted that the regulation—which takes effect this Friday—includes inter-enterprise and wholesale transactions between economic actors as sources of foreign currency.
Amid the intensified U.S. blockade, this measure enables smoother, more flexible, and autonomous operations to stimulate the economy, prioritizing export-oriented and import-substitution sectors.
Rosales Vázquez highlighted that direct foreign currency payments foster greater production linkages and supply chain integration. This facilitates the restocking of raw materials and inputs—directly impacting the goods and services available to the public—without the need to access the foreign exchange market.
Meanwhile, BCC Resolution 102/2026 regulates the opening of foreign currency bank accounts and enters into force seven days after publication. Ian Pedro Carbonell Karell, the BCC’s Director of Payment Systems, stated that legal entities and individuals engaged in economic activity may open accounts both within the country and abroad without prior authorization; however, they are required to notify the BCC and the National Tax Administration Office of these accounts.
The text reads, “@MEP_CUBA reports on the update to Resolution 103—in effect until December 31, 2026—which governs the framework for the management, control, and allocation of foreign currency in Cuba, in line with economic and social #Transformations.”
Both authorities emphasized that domestic economic transactions are conducted in both national currency and foreign currency. These measures apply particularly to wholesale trade, whereas transactions denominated in U.S. dollars in the retail sector will only be approved if they serve the national interest.
Furthermore, non-state economic actors may accept cash payments in foreign currency at the customer’s discretion; these funds must be deposited into fiscal accounts—denominated in either foreign currency or national currency—at the prevailing exchange rate.
Economic partnership agreements, as well as local development and international cooperation projects, are also subject to these provisions. Finally, retained or available foreign currency may be sold on the foreign exchange market to generate revenue in national currency.
Author: HGV/JF
Source: MEP
