Cuban Saver Denied Withdrawal of Over 3,000 Euros by Banco Metropolitano

The Banco Metropolitano has refused to return a deposit of over 3,000 euros to a Cuban saver who trusted the financial institution to safeguard his funds. This situation was brought to light by Irán Morejón Quintana on social media, who made his case public after repeatedly requesting the return of the 3,130 euros he has in the bank's vaults.

"My name is Irán Morejón Quintana, and I have asked numerous times for the 3,130 euros that remain in my personal account because I intend to study for a master's degree in Cooperativism and Social Solidarity Economy in Spain," explained Morejón.

The young man recounted that he had been planning his higher education for two years and was waiting for a scholarship to begin his studies. However, he eventually had to rely on his savings after not receiving the scholarship. Despite his need, BANMET refused to give him his money, claiming they did not have the cash available to process the withdrawal.

"The Banco Central de Cuba says it cannot override the will of Banco Metropolitano," said Morejón Quintana. "I have lodged my complaint with the Council of State's office, but they have done nothing to get my money back. What should I do in the face of this injustice? How many laws is Banco Metropolitano breaking? How can I get my money before my flight date? Do Cuban citizens have any rights?" he questioned.

His case caused several netizens to question why he chose to keep his savings in a bank affiliated with the Cuban regime, notorious for its traps and scams targeting currency savers. "To obtain a student visa, it is mandatory to make a bank deposit to present as evidence at the Spanish consulate," Morejón Quintana explained to one user who suggested it was better to keep the money "under the mattress."

Another social media user commented that, in his view, what happened to Morejón Quintana violated several constitutional rights under Cuban law, including the right to property, legal security, due process, and the right to petition.

"What reasons does Banco Metropolitano give for not giving you your money?" asked one user in the comments. "They say they don't have the cash available. But that's a lie. I've learned that through bribes, they do give money," Morejón Quintana responded.

The Banking Chaos and the Failed "Tarea Ordenamiento"

The failure of the so-called "economic restructuring and monetary unification," key strategies of the regime to overcome the economic crisis, has resulted in chaos within the Cuban banking system. This chaos has been exacerbated by subsequent monetary policies aimed at "correcting distortions and revitalizing the economy."

The government of Miguel Díaz-Canel has only worsened the country's economy, impacting new and old economic actors, as well as savers, pensioners, retirees, and other users of the communist regime's banking system.

In August 2023, the Mipyme "Grupo de Construcciones Pilares" was affected by BANMET's decision to limit cash withdrawals from ATMs. BANMET prevented the company from withdrawing 5,000 Cuban pesos needed to pay a supplier who did not accept bank transfers.

Earlier that year, the entity set "limits for cash withdrawal and transfer operations carried out through electronic payment channels by natural persons." In June 2023, the Banco Central de Cuba (BCC) announced that the banking system and its branch network would allow people to make their U.S. dollar deposits within a brief three-day period.

According to BCC's Resolution 176/2021, starting June 21, a temporary suspension of this type of deposit would be in effect, supposedly due to U.S. economic sanctions and Cuba's inclusion on the list of state sponsors of terrorism, complicating the island's international financial transactions.

In August 2020, the regime authorized self-employed individuals to open MLC bank accounts for import and export purposes. BANMET, the Banco Popular de Ahorro, or the Banco de Crédito y Comercio customers only needed to deposit a minimum of 100 U.S. dollars in their accounts to start operating.

However, in December, the president of the Banco Central de Cuba, Marta Wilson González, announced that Cubans would not be able to withdraw dollars from their bank accounts in CUC (nor from MLC accounts) or make new deposits in convertible pesos, ahead of the CUC's disappearance starting January 1, 2021.

Savers could convert their CUC held in the bank into dollars or euros, but knowing that they could not withdraw that money because those deposits "would not have liquidity backing." The bank would limit itself to issuing a "deposit certificate." In that account (in dollars or euros), neither deposits nor withdrawals (of euros or dollars) nor transfers to other foreign currency bank products would be possible.

These conditions would change "when the country's conditions allow for availability of foreign currency to back these certificates." "That money in MLC can be withdrawn in a timeframe that cannot be defined at this moment," said the then "czar of economic reforms in Cuba," Marino Murillo Jorge, adding that clients could withdraw their saved dollars in pesos at a 1x24 exchange rate.

Among the many paradoxes brought about by the regime's economic reforms, the latest occurred in February when the state-owned company FINCIMEX reported a "technical incident" that prevented the collection of remittances since late January. An announcement by BANMET raised alarms among remittance recipients in Cuba, who reported not being able to collect their money, despite FINCIMEX not stopping the transfers or announcing the supposed "technical incident."