The Central Bank of Cuba (BCC) has implemented a fresh set of regulations governing the opening of bank accounts and the management of funding for Local Development Projects (PDL). These rules clarify who can hold these accounts, how they should operate, and what resource sources are permissible for funding their activities.
Outlined in Resolution 118/2026 and signed by BCC President Juana Lilia Delgado Portal, the regulation was issued on October 13 and is published in the Official Gazette No. 87 Ordinaria of 2026, spanning pages 15 to 17. This is part of a broader update to the legal framework supporting territorial development in Cuba.
The initial article of the regulation specifies its purpose as establishing procedures for opening accounts and managing funding for Local Development Projects, considering their classification, account holders, and funding sources.
Banks are required to open current accounts in Cuban pesos (CUP) aligned with the project title, either through a Municipal Administration Council agreement or a provincial governor resolution.
Eligibility and Account Operations
The resolution identifies eligible account holders, which include state entities, self-employed individuals, agricultural and non-agricultural cooperatives, mass and social organizations, micro, small, and medium enterprises (MIPYMES), landowners and usufructuaries, legally recognized institutions and associations, and other authorized natural or legal persons.
For projects with multiple account holders, a contract must be submitted by the parties, specifying who manages the current account.
Foreign Currency Accounts and Funding Mechanisms
In addition to CUP accounts, the regulation permits holders to request a foreign currency account if they access any legal foreign currency sources, both external and internal, as regulated by current regulations.
Regarding funding, municipal Administration Councils will establish a Local Development Fund in each municipality.
For economically productive projects, resources from this fund are transferred to a Trust Fund managed by banks and executed through credit subject to each institution's risk analysis.
Credit beneficiaries will pay a 4% interest rate, which is fully retained by the bank as a fund management commission.
Economically productive projects can also be financed with the banks' own resources, in which case they will earn the minimum interest rate for the approved term according to BCC regulations.
Implementation and Legal Overhaul
Resolution 118/2026 was issued to comply with Decree 174/2026 from the Council of Ministers, titled "For the Strategic Management of Territorial Development," approved on August 20, 2026. This decree mandated the BCC to issue the necessary regulatory provisions within 30 days of its publication.
As this new regulation takes effect, it repeals Resolution 147 dated April 20, 2021, which previously governed the banking procedure for managing PDL funding.
The Official Gazette No. 87 also includes Resolution 70/2026 from the Ministry of Economy and Planning and Resolution 202/2026 from the Ministry of Finance and Prices, completing the normative package aimed at updating the legal framework for Cuban local development in its strategic, economic, and budgetary dimensions.
Frequently Asked Questions About Cuba's New Bank Regulations
Who is eligible to open a bank account under the new regulations?
The eligible account holders include state entities, self-employed individuals, agricultural and non-agricultural cooperatives, mass and social organizations, micro, small, and medium enterprises (MIPYMES), landowners and usufructuaries, legally recognized institutions and associations, and other authorized natural or legal persons.
What interest rate is applied to credits from the Local Development Fund?
Beneficiaries of credits from the Local Development Fund will pay a 4% interest rate, which is retained by the bank as a management commission.
Can foreign currency accounts be opened under the new rules?
Yes, account holders may request to open foreign currency accounts if they access legal foreign currency sources, both external and internal, as regulated by the current regulations.