Cubans who are owners of MSMEs can open bank accounts in US dollars

Sources close to Joe Biden’s government have leaked to the North American press that a package of measures to support and empower the private sector and owners of MSMEs in Cuba will be approved in the coming days. One of the key measures for these small and medium entrepreneurs is the opportunity to open bank accounts in US dollars.

According to this report, published Bloomberg, the White House will ease sanctions on Cuba to facilitate the channeling of financial aid from the United States to private companies on the island. Those from the northern country insist that the move seeks to support Cuba’s business sector amid the economic and social crisis the island is experiencing.

The regulatory change will come into effect this week, sources said. A possible way to rewrite the text:

Ricardo Herrero, executive director of the Study Group on Cuba, which supports dialogue between the two governments, said he hoped these political changes would be announced soon, including more details on the type of loans that would be approved.

“Procedures will specify How Cuban entrepreneurs can open bank accounts in the US and access them from Cuba“, he said. “It’s a radical change,” he added.

Collection of US Proceedings for Cuban Private Individuals

According to Miami-based lawyer Pedro Freire, who specializes in Cuban issues, the measures will “make life easier for MSMEs,” referring to micro, small and medium-sized businesses. “They will probably give Cuban businessmen access to the US banking system,” they promise.

The State Department sees entrepreneurship as a key factor in boosting Cuba’s economic growth and reducing immigration from the island, said an official who spoke on condition of anonymity.

Cuba is experiencing its worst economic crisis since the collapse of the Soviet Union three decades ago, with blackouts, shortages and out-of-control inflation. The crisis has been exacerbated by the severe economic sanctions under Donald Trump and the health crisis, among other factors, and the decline in tourism.

They suggest the measures, reported by anonymous sources, could be announced when Cuban President Miguel Díaz-Canel visits New York for the United Nations General Assembly.