Reported about 1 year ago
Cuba is experiencing a severe economic crisis due to U.S. sanctions, with inflation skyrocketing to over 50% in recent years. A situation has emerged where banks are unable to dispense cash, primarily because of the lack of trust in the government. About 70% of Cuba's currency is circulating in the market instead of being deposited in banks, leading to a devaluation of the Cuban peso on the black market. The economic instability has caused difficulties for both residents and foreign businesses operating in Cuba, making it challenging to access foreign currencies as well.
Source: YAHOO