Cuba - Banking and securities

All banks in Cuba were nationalized in 1960. The National Bank of Cuba, established in 1948, was restructured in 1967. Commercial banks include Banco Financiero International (1984). Savings banks include Banco Popular dul Ahorro. A number of foreign banks offer limited services in Cuba. The Grupo Nuevo Banco was set up in 1996.

There are no securities exchanges.

Hard-currency reserves have been depleted by import growth in excess of export growth. In the domestic economy, the attempt to reduce enterprise subsidies caused an increase in demand for working capital which the state was unable to meet. A combination of price and direct rationing systems is operating.

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