Cuba’s central bank will put restrictions on the banking transactions of foreign companies operating inside the communist country starting on May 7th, according to Reuters.
The Nuevo Tribune newspaper has speculated that this surprise move has come as an attempt to cut down on illegal financial activities, such as money laundering, which have become a problem in the country.
Other sources believe that the move is in response to liquidity problems in the economy following a disappointing 2008.
The news regarding the changing banking policy was sent out via mail by state-owned Banco Metropolitano to foreign establishments and associations.
In the future, withdrawals will be restricted to those required to pay salaries to Cuban employees and special authorization from bank officials will be required for other bank transactions.