Cuban government has no direct role in remittance receipts, Cuban official says

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Friday, August 20, 2021


Havana, August 20 – The Cuban government has no direct role in receiving remittances, Yamil Hernandez Gonzalez, managing director of Financiera Cimex, SA (FINCIMEX), told Cubadebate.

He pointed out that this is a commercial activity and that it is managed by a commercial entity, in this case FINCIMEX, and that no foreign government, including that of the United States, has the right to dictate to the island which company can handle remittances and which cannot.

In October 2020, the U.S. government banned Western Union’s dealings with Cuban institutions responsible for processing remittances to Cuba, in particular with that entity, unilaterally ending the flow of remittances through regular channels and institutional.

Hernandez Gonzalez pointed out that Western Union was the entity responsible for sending funds to Cuba and that under the existing structure, this entity charged the sender of funds in the United States five dollars for every 100 dollars sent. , as a trade commission.

They paid FINCIMEX a dollar for every hundred remittances for services rendered, which is standard practice in the international remittance industry, he said.

“It is wrong that FINCIMEX, the Cuban government or the armed forces appropriated 20 or 40% of the money sent to Cuba from the United States, a lie that politicians in this country keep repeating. I insist, the money sent was not taxed in any way when entering Cuba. The recipient has received the total amount sent in full and in full “.

He recalled that FINCIMEX is a 100% civilian entity, that none of its workers is military and that the income from the services rendered is part of the general income of the country and is allocated to both the maintenance and the operation of the company itself – including its technological infrastructure – and to contribute to the national budget and the economy as a whole.

The measure has had a negative impact on the standard of living of recipients and on the budgets of those who send them as it is said that people currently pay in the United States up to $ 30 or more for every hundred dollars they they send their relatives to Cuba through irregular channels, the official said.

Another consequence has been the increase in uncontrolled currency transfers from this country to the island, which is never positive and is contrary to what the international community is trying to organize and regulate, Hernandez Gonzalez concluded. (ACN)

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