Why Is Their a Cash Shortage in Cuba?

[El Presidente]

https://havanatimes.org/features/why-is-their-a-cash-shortage-in-cuba/

By Ernesto Eimil (El Toque)

HAVANA TIMES – “Excuse us, at the moment the equipment is having technical difficulties to deliver cash,” is the discouraging response many Cubans get when trying to get cash at a Banco Metropolitano ATM. The same is likely to happen if the request is made at other financial institutions in the country.

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[NSXCIGAR]

Probably because there's no fuel for the trucks to deliver the cash?

[Corylax18]

27 minutes ago, NSXCIGAR said:

Probably because there's no fuel for the trucks to deliver the cash?

Its because the Military has spent it all building new hotels, that run at huge losses. It isn't a short term issues, its a long tern issue, finally coming to a head.

[NSXCIGAR]

Just now, Corylax18 said:

Its because the Military has spent it all building new hotels, that run at huge losses. It isn't a short term issues, its a long tern issue, finally coming to a head.

I think they're talking about CUP in the local ATMs which they can just print. Yes, real money is not there for many reasons. 

[Corylax18]

5 minutes ago, NSXCIGAR said:

I think they're talking about CUP in the local ATMs which they can just print. Yes, real money is not there for many reasons. 

I'm not sure, but I don't think they actually print any currency in Cuba. I don't think they're capable. 

Like we've seen with cigars, there are plenty at the factories, but due to logistical issues and lack of foreign currency to make payments, they cant get enough bands and boxes to pack the cigars up and sell them. Cuba does make some of the simpler boxes on the island, but they don't print bands or make the fancier boxes. If they cant even print cigar bands, I highly doubt they can print their own currency. 

The whole MLC system was supposed to help solve this. In theory, they can "print" as much digital currency as they want. I don't think anybody should be surprised that it hasn't worked, at all. 

[NSXCIGAR]

1 minute ago, Corylax18 said:

I'm not sure, but I don't think they actually print any currency in Cuba. I don't think they're capable. 

If they aren't printing CUP themselves then that could explain it. I would think they can at least print money but who knows these days. If it's coming from another country then they probably haven't paid the bill. Either way, it needs to be transported and that's not easy these days.

[Corylax18]

8 minutes ago, NSXCIGAR said:

If they aren't printing CUP themselves then that could explain it. I would think they can at least print money but who knows these days. If it's coming from another country then they probably haven't paid the bill. Either way, it needs to be transported and that's not easy these days.

Especially when you need a wheel barrow full to pay for most things. 

[NSXCIGAR]

29 minutes ago, Corylax18 said:

Especially when you need a wheel barrow full to pay for most things. 

Yeah, I'm getting to hate those pink 100 bills. You end up with massive wads in your pocket and getting the 500 and 1000 is getting harder, and 1000 ain't cutting it any more. Their biggest bill is worth $5 USD.