The Central Bank of Cuba has introduced new measures designed to alleviate the severe shortage of physical currency affecting the island's economy.
The central bank announced that both state-owned and private enterprises are now permitted to voluntarily pay pensions in cash to retirees within their operational scope, provided they reach agreements with local banks.
This development comes as Cuba continues to grapple with deep-seated liquidity issues that have hampered daily commerce and social welfare distribution.
By allowing companies to step in and facilitate cash payments for pensions, authorities are attempting to inject liquidity into the hands of retirees who rely on physical cash for basic necessities, given the limited penetration of digital payment systems.
The move underscores the persistent challenges facing Cuba's financial infrastructure.
While the policy offers a potential relief valve for pensioners, it also places additional administrative and financial burdens on businesses, many of which are already operating under tight constraints.