New 10,000 and 20,000 peso banknotes will enter circulation starting this Wednesday in Cuba, as part of measures aimed at streamlining banking operations and aligning currency denominations with current economic conditions.
Juana Lilia Delgado, President of the Central Bank of Cuba (BCC), stated yesterday on the television program Mesa Redonda that these new banknotes complete the previously announced update to the Caribbean nation's currency denominations.
She detailed that the 10,000-peso note features the image of revolutionary heroine Haydee Santamaría, while the 20,000-peso note features Vilma Espín.
The official noted that the planned transformations for the Cuban banking and financial system are progressing gradually under an implementation timeline aimed at building a secure, modern, agile, and efficient system—one capable of contributing to economic recovery and meeting client needs with greater speed and quality.
According to Delgado, the BCC has grouped the financial system’s transformations into two initial areas: the opening and capitalization of the banking system—aimed at boosting institutional capital and broadening the participation of diverse economic actors—and credit, savings, and financing, focused on strengthening banks' capacity to issue loans, raise funds, and improve financial intermediation.
The other two focus areas comprise innovation, payments, and new service channels—emphasizing digital transformation to achieve faster, more accessible operations—and the foreign exchange market and remittances, aimed at reorganizing these processes within the national financial system.
This package of measures is part of a gradual process designed to reform the structure and operation of the Caribbean nation’s banking system, expand its capabilities, integrate new actors and technologies, diversify financial services, and strengthen its alignment with the needs of the economy and the public.
(Taken from Prensa Latina)
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