The Cuban government has informed foreign companies that they cannot withdraw or transfer abroad the foreign currency deposited in local banks. This measure, described as a 'corralito' freeze, now extends to the entire foreign sector and also affects diplomatic missions. Economists warn that it undermines the credibility of Cuba's financial system.
The measure was confirmed by business and diplomatic sources to EFE on November 20, 2025. Earlier, in April 2025, the government tested it on a small group of companies. Economists like Mauricio de Miranda, a professor at Javeriana University in Cali, Colombia, describe it as a blow to confidence in Cuba's commitments to commercial partners and investors.
"It’s terrible, because it’s one more strike against the Cuban government’s credibility regarding its commitments," De Miranda told elTOQUE. He added that it echoes restrictions on US dollar accounts for Cuban citizens, where deposits are frozen by government decision.
In response, the government offers 'real' accounts funded from abroad, which are supposed to allow withdrawals and transfers. However, some companies report issues with them, heightening uncertainty about banking liquidity. De Miranda advises against opening them, as future guarantees are lacking.
This policy is part of the Program to Correct Distortions and Relaunch the Economy, which includes new mechanisms for managing foreign currency, though without specific details. For the diplomatic corps, the Foreign Ministry set a 'cutoff date': subsequent deposits may be accessible, but prior ones carry no guarantee.
Diplomatic missions are moving funds to Panama, the Dominican Republic, or Miami due to access difficulties. De Miranda noted the closure of Belgium's embassy in Havana, the EU's capital seat, as a striking development.
Cuba's banking system faces a deep liquidity crisis, acknowledged by official sources. The official exchange rate is 24 pesos per dollar, while the informal market exceeds 430. This distorts operations, profit repatriation, and financial planning.
De Miranda criticized on Facebook that the freeze amounts to theft, with the government using the funds for its purposes. "The ‘geniuses’ of Cuban finance are strongly contributing to the economic sanctions they denounce, because they have managed to ensure that no one trusts the Cuban financial system," he stated.
Economist Rafaela Cruz, in Diario de Cuba, called the situation "extremely serious." She noted it prevents capital repatriation, signaling panic and bankruptcy, and that foreign currency shortages make monetary support policies unworkable. Without reserves or external credit, the decision provides short-term relief but worsens long-term strangulation, deterring the investments needed for recovery.