A video released on Friday captured a large crowd gathered outside the Banco Popular de Ahorro (BPA) on Prado Street, located between Pedro Agustín Pérez and José Martí, in Guantánamo. The citizens were desperately trying to withdraw cash amidst a relentless liquidity crisis.
"The sheer number of people outside the Prado bank is astonishing. Undoubtedly, this line is for withdrawing cash, a task that's become increasingly difficult here," stated the video creator, as shared by Raynier Arjona on Facebook.
Among those braving the sun were retirees waiting to collect their pensions, as noted by several commentators on the video.
The Human Cost of Waiting
The dire conditions of the wait sparked concern. "It's horrifying, truly sad to witness, with many elderly people fainting," one comment highlighted.
Another user expressed frustration at the imbalance: "A sea of people just to withdraw 500 pesos."
Institutional Disarray and Public Outcry
Public anger was also directed at the lack of organization. "This is how the government wants them to be, there's no organization," someone wrote.
Another added, "It's chaotic, it's painful to see so many vulnerable people in our city."
With a touch of irony, a commentator remarked, "Cuba is the only country where the bank avoids the customer. Elsewhere, banks chase after clients."
Banking System in Crisis
This issue is not new in Guantánamo. Back in July, the provincial government acknowledged that local banks were failing to gather enough cash to cover salaries and pensions.
At that time, the BPA only managed to reach 92% of its daily collection target, while the Banco de Crédito y Comercio (Bandec) required nearly 15 million pesos daily but only managed to collect just over 35% of that goal.
In mid-August, Bandec announced the use of private businesses as payment agents to distribute pensions and reduce queues, an implicit admission of the collapse of the traditional banking system.
Despite this measure, the crowded scene at the BPA on Prado this Friday indicates that the problem remains unresolved.
Pension Struggles Across Cuba
Over 1.7 million Cuban retirees receive pensions with a minimum amount set at 4,000 pesos monthly, translating to less than $10 at the informal exchange rate. Meanwhile, estimates place the monthly cost of a basic basket at 30,000 pesos per person.
In Holguín, retirees were left without payments recently because the funds never reached postal offices or bank branches.
In Santiago de Cuba, the institutional response included providing chairs, soup, and drinks to retirees waiting for hours in front of the bank, a measure labeled as a "humanitarian gesture" by authorities, yet failing to address the root of the problem.
In July, the official newspaper Venceremos admitted that the banking situation "has evolved from a banking difficulty to a social problem," a stark acknowledgment that contrasts with the absence of real solutions for Cubans who must battle each month to access their own money.
On Friday, Yaritza León Mustelier, provincial director of Banco Popular de Ahorro (BPA) in Guantánamo, revealed that 113 private businesses are now handling cash pension payments for retirees in the province due to the banking system's inability to provide this service independently.
Understanding the Guantánamo Banking Crisis
Why are there long lines at banks in Guantánamo?
The long lines are a result of a severe liquidity crisis, where banks are struggling to provide enough cash for withdrawals, pensions, and salaries.
How are retirees affected by the bank crisis in Cuba?
Retirees are severely impacted as they face long waits to collect their pensions, often in adverse conditions, and sometimes are unable to receive their payments at all due to cash shortages.
What measures have been implemented to address the banking issues?
Measures such as using private businesses as payment agents have been introduced to alleviate the situation, but these have not fully resolved the underlying issues.