With the aim of collecting their pensions, Cuban retirees spent the night outside a bank in the municipality of Bayamo, located in the province of Granma. The shortage of cash turned what should have been a straightforward process into a daunting ordeal.
By 5 a.m., pensioners had lined up in front of a bank branch, but the limited availability of bills complicated the process, causing widespread despair among the elderly. A video posted on Facebook by journalist Mario Vallejo shows a woman detailing the ordeal faced by these individuals early in the morning, while a "bank employee converses with her husband" on a street littered with garbage and a dismal appearance.
Health Risks Amid Cash Shortages
In March, an elderly man suffered a hypoglycemic episode while standing in line at a bank in Santiago de Cuba. He was left standing under the scorching sun, poorly fed and ill, without any seating available despite his advanced age. The man, identified as Eleutelio Simón Bueno, aged 90, collapsed during the grueling wait to collect his pension at the "La Comercial" bank, located near the Rotonda del Distrito José Martí.
The lack of financial resources is causing a growing sense of desperation among retirees. Due to the meager payments they receive, they must also struggle to obtain extra cash to meet their basic needs. This issue is nationwide, yet the regime has failed to find a solution—or worse, has turned a blind eye to the pressing need for solutions for the citizens of an island in total decline.
Thousands of people form long lines every day to withdraw cash from bank offices or ATMs, even with withdrawal limits imposed by the Central Bank of Cuba (BCC). In August 2023, the BCC began a stringent control of cash flow through measures aimed at increasing the use of banking transactions for payments and collections among all economic actors.
In April, a group of people in Havana expressed their frustration over delays of up to three days to access a functioning ATM.
Common Questions About Pension Collection Issues in Cuba
The ongoing cash shortages and the plight of pensioners in Cuba have raised numerous questions. Here are some frequently asked questions and their answers regarding this critical issue.
Why are there cash shortages in Cuban banks?
The cash shortages in Cuban banks are due to a combination of economic mismanagement, limited financial resources, and stringent controls imposed by the Central Bank of Cuba.
What measures has the government taken to address these issues?
In August 2023, the Central Bank of Cuba initiated measures to increase the use of banking transactions for payments and collections. However, these measures have not adequately addressed the immediate cash shortages faced by the public.
How are pensioners coping with the cash shortages?
Pensioners are enduring long waits, often overnight, to access their pensions. Many face health risks due to prolonged exposure to harsh conditions while waiting in line.