Financial and banking systemcuba currency

 

The national financial and banking system, whose governing body is the Banco Central de Cuba (Central Bank of Cuba), comprises nine commercial banks, 15 non-banking financial institutions, 10 representative offices of foreign banks in Cuba, and three representative offices of non-banking financial institutions.

 

The representative offices of foreign banks based in Cuba do not work as banks or branches thereof; they are simply responsible for the management and promotion of bank activities carried out by the bank they represent and by the institutions of the Cuban banking system and other national entities.

 

Financial insurance


The insurance activity in the country can be carried out by public corporations, mutual and state companies, recognizing that the work of insurance entities shall be kept within the bounds of insurance and reinsurance operations. The Ministry of Finance and Prices (MFP by its Spanish initials) is the governing body of the insurance activity in the national territory. There is also an Insurance Superintendence, attached to the MFP, which performs control and supervision duties.


The most used insurance coverages that are commercialized nowadays are: cargo insurance, fire and allied lines insurance, non-maritime civil liability insurance, financial insurance, industrial facility insurance, oil and gas insurance, maritime insurance, aviation insurance, agricultural insurance, land transport vehicles insurance, various types of civil liability insurance and personal insurance.

 

Structure of the Cuban business system


The Cuban business system is undergoing a restructuration, in compliance with Guideline No. 6 of the Economical and Social Policy of the Party and the Revolution that was passed in the 6th Congress of the Cuban Communist Party, and stipulates the separation of the state and business functions. There are currently 10 246 entities in the country organized as companies, trading companies, cooperatives and subsidized units.

 

 

 

Note: The content of this article is taken from the document "Cuba Investor Guide", at CEPEC (Centro para la Promoción del Comercio Exterior y la Inversion Extranjera en Cuba). You can download the document here.