A video captures scenes of chaos outside the Banco Metropolitano at the corner of O'Reilly and Compostela in Old Havana, where dozens of Cubans are seen fighting and crowding under the scorching sun, desperately trying to withdraw cash from their accounts.
This footage was shared by Plácido Pasillo on Facebook, highlighting the intense situation at one of Cuba's busiest bank branches.
The video reveals frustrated individuals, some visibly upset, who have been waiting since the crack of dawn without any assurance of being served by the bank.
"Look at the state of the banks, the salaries, the money in Cuba. People are left outside under the sun, with rain approaching, without food, without water, marking their spot since early morning, extremely agitated," the video creator narrates.
He also criticized the "shameless handling of tickets," the presence of queue jumpers, and favoritism, while the crowd remains cramped on the sidewalk.
The Growing Frustration
This scene isn't an isolated incident. In June, the same branch deliberately turned off ATMs to prevent disturbances, sparking another wave of anger among those present.
Additionally, that month, the bank reduced the maximum withdrawal limit from 5,000 to 3,000 Cuban pesos per transaction and indefinitely suspended appointment reservations on platforms like MiTurno and Ticket, citing power outages.
Systemic Financial Strain
Since 2021, the Cuban regime has enforced a mandatory banking policy, depositing salaries and pensions onto cards. However, banks lack enough physical cash for withdrawals.
The minimum monthly wage in Cuba is 3,210 pesos, roughly equivalent to $5.50 at the official exchange rate, while meeting a family's basic needs requires around 96,000 pesos monthly.
The disparity is so severe that in cities like Santa Clara, a resident took three days to withdraw just 40% of their salary, and in Morón, Cubans pay 500 pesos to intermediaries just to secure a bank appointment.
Public Outcry and Economic Challenges
Public comments reflect the Cuban people's frustration: "This is how the government wants us, in misery and fighting over bread or a few pesos at the bank," one user remarked. Another bluntly stated, "This is hell on earth."
A third voice warned of growing discontent: "Reflect, fear has its limits."
On June 19, the regime approved a package of 176 measures, including, for the first time since 1959, opening private banks and removing withdrawal limits.
Yet, these reforms have not addressed the immediate liquidity shortage people face in bank lines.
Beyond inflation and insufficient funds, there's a deeper issue. Workers receive their salaries but can't use them. Businesses refuse to accept transfer payments because they can't withdraw money from banks to buy foreign currency and acquire essential goods or raw materials.
It's a vicious economic cycle, with the Cuban people once again bearing the brunt.
Common Questions About Cuba's Financial Crisis
Why are Cubans struggling to withdraw money from banks?
Cubans face difficulties withdrawing money due to a mandatory banking policy and a lack of physical cash in banks, exacerbated by economic mismanagement and power outages.
What measures has the Cuban government taken to address the financial crisis?
The Cuban government approved 176 measures, including opening private banks and removing withdrawal limits, but these have not resolved the immediate liquidity issues.
How do businesses in Cuba cope with the banking issues?
Businesses often refuse transfer payments because they can't withdraw funds from banks to purchase foreign currency needed for essential goods and raw materials.