Cuban Bank Claims Increased Distribution of New Bills, Users Skeptical: "Looks Nice, But No Cash Available"

The Central Bank of Cuba (BCC) recently announced an uptick in the distribution of the newly issued 2,000 and 5,000 CUP banknotes across its branches. However, many citizens have expressed skepticism, questioning the availability of this cash and highlighting ongoing difficulties in withdrawing money.

In an article published this Tuesday, the BCC declared that the circulation of the new denominations is now a "done deal," emphasizing the "increased distribution in bank branches over the past few weeks."

Focusing on the security features of the 2,000 and 5,000 CUP bills, the BCC explained that these banknotes showcase a design distinct from other Cuban currency. The 2,000 CUP bill features Mariana Grajales Cuello and primarily uses violet and pink hues, while the 5,000 CUP bill depicts Celia Sánchez Manduley in dominant blue tones.

According to BCC, both denominations are crafted with special security paper and measure 150 by 70 millimeters. Among the security features are a watermark with the respective patriot's image, a visible denomination when held up to light, a vertical security thread with a movement effect, and the initials BCC.

These bills also include the image of the Mariposa, Cuba's national flower, with a rainbow effect when viewed from different angles, along with raised printing on the main image and other tactile elements.

The Central Bank advised individuals with doubts about a bill's authenticity to visit a bank office for verification.

Public Reaction and Concerns

Despite the bank's assurances, the response on their Facebook post painted a different picture, focusing less on security and design, and more on accessibility issues. "Looks nice. But there's no cash to withdraw," one user commented.

Another questioned the actual reach of the announced distribution: "Great news. But where are these high-denomination bills? Where in Cuba are they circulating?"

Complaints came from various provinces as well. "ATMs in Santiago aren't dispensing these bills because they haven't been programmed for them, and I hope to get one from an ATM someday," remarked a resident.

From Granma, someone inquired, "Where are the banknotes for Jiguaní?" while another stated, "I've never seen any here in my municipality."

Questions also arose about whether the increase in cash was due to additional monetary issuance. "Why is there more cash? Did they print more?" a user asked.

Others pointed to the challenges of receiving practical denominations. One user noted, "Here in Matanzas, retirees are being paid with 10 and 20 peso notes," and another added that the issue wasn't exclusive to pensioners: "I've been getting paid in 5, 10, and 20 bills for three months, and nobody wants them."

"Hopefully, they'll reach ATMs in sufficient quantities for the public," an online commenter expressed.

Quality Concerns and Distribution Delays

Some criticisms focused on the quality of the new currency. A number of users claimed the new bills are fragile or made from poor-quality paper, though others praised their appearance, suggesting the new design looks better than previous denominations.

The new bills were announced at the end of March when the BCC stated that the 5,000 CUP note would initially begin circulating in Havana on April 1, with a gradual rollout across the country. The introduction of the 2,000 CUP bill was also planned to be progressive.

The bank justified the issuance as a means to simplify transactions involving large sums of cash, reduce logistical costs, and speed up transactions amid rising inflation.

Nonetheless, months after their introduction, the 5,000 CUP bills remain elusive for many Cubans. In June, some noted seeing them only in photographs, while others reported their rare appearance in everyday transactions.

Adding to the scarcity issue, a new problem has surfaced: counterfeiting. Two young men were arrested in Guantánamo after attempting to make a purchase with a suspected counterfeit 2,000 CUP bill during the San Joaquín Festivities. This incident occurred less than four months after the new denominations began circulating, and both individuals are now under police investigation.