Cuba announced on Thursday that it would temporarily stop accepting US dollar cash bank deposits from June 21, as tougher US sanctions limit its ability to use dollars overseas, but will still accept dollar transfers.
"it is becoming increasingly difficult for Cuba to find international banks or financial institutions that are willing to receive, exchange or process US dollar cash," the Cuban central bank said in a statement. "
Some Cubans and analysts speculate that the move is to control the price of the dollar on the black market. Since the import-dependent country opened stores selling goods in hard currency and stopped selling dollars because of cash shortages, the black market price of the dollar has risen to more than twice the official exchange rate.