An ice cream street vendor shows his Cuban pesos in Havana, Cuba, Monday, April 20, 2024. An increasing number of Cubans are having to grapple with the country’s shortage of cash. Converting those Cuban pesos to other currencies poses yet …HAVANA —
Long queues outside banks and ATM’s in the capital, Havana, and beyond start forming early in the day as people seek cash for routine transactions like buying food and other essentials. “There is money, yes, but not in the banks,” said Pérez, adding that most of the cash is being held not by salaried workers, but by entrepreneurs and owners of small- and medium-size business who are more likely to collect cash from commercial transactions but are reluctant to return the money to the banks.
Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island.