The Russian bank Novikombank was established with a branch in Havana, Cuba, becoming the first Russian banking entity with representation on the island. This will facilitate payments for Russian tourists, as well as commercial transactions between the countries.
“This step will contribute to achieving a strategic objective: guaranteeing the stability of payments between Russia and Cuba, as well as banking support for economic-commercial relations and investments,” according to the entity’s statement, as reported by Efe.
Joint Stock Commercial Bank Novikombank SA is the largest in Russia and is owned by the government. The Official Gazette published Resolution 40 of the Central Bank of Cuba (BCC) with a license to BCA Novikombank SA to establish itself in Havana with the possibility of carrying out commercial activities with entities within the island.
According to the decree, the bank will be able to “manage, promote or coordinate the businesses carried out by its parent company, in freely convertible currency, with entities established in the national territory” and make “correspondent agreements with established financial institutions” on the island. . Likewise, it prohibits you from directly carrying out “active or passive banking or financial operations of any type in Cuba,” the decree states.
As reported REPORTUR.mx, in April Cuba’s exchange rates had Russian tourists baffled in a scenario of strong dollarization and increased inflation on the island. If they paid with the Mir card, the payment method that replaced Visa and Master Card when Russia invaded Ukraine, 100 rubles were 26 Cuban pesos, while the dollar can be exchanged for up to 340 Cuban pesos. (Cuba confuses Russian tourism: doubts about paying in dollars or card).
“At this rate, a Russian will be happy to exchange dollars in cash for local money in any market or in a store. This is cause for reflection for a tourist who faces the dilemma of whether it is worth taking dollars in cash to Cuba or if a bank card is enough,” Tourdom, a Russian specialized media, noted at the time.
