Queues at banks as Cuba is to stop using dollars

Cubans formed long queues outside banks on Friday after the government's announcement it will soon no longer accept dollar cash deposits. The Central Bank of Cuba (BCC) announced that the measure would come into effect from June 21. The president of the BCC, Marta Wilson, said the decision was due to having an "accumulation" of dollar bills it cannot place in foreign financial entities due to the embargoes imposed on the island, especially on its financial sector. Shortages, queues, price increases, and the black market have affected Cubans more than ever these past months. The national GDP decreased by 11% in 2020. The official rate puts the dollar equivalent to 24 Cuban pesos, but in practice, the state does not sell dollars, so the only way to acquire some is on the informal market. This exchange rate reached more than 60 Cuban pesos before the announcement.