Finance
Desperate for Dollars, Cuba Bars Businesses From US Banks
- Government slaps new restrictions on nascent private sector
- President denies ‘witch hunt,’ says move targets resellers
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Cuba is banning its nascent class of entrepreneurs from using US bank accounts in a bid to keep dollars inside the island amid its worst economic crisis since the Soviet Union’s collapse.
Havana’s decision last week that all payments to international suppliers must be made through local banks was the latest in a series of measures against businesses that the communist regime blames for the nation’s rampant inflation, which hit 31% last year.