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Banco Nacional de Cuba (BNC)

Banco Nacional de Cuba (BNC) was created by Law No. 13 of December 23, 1948, as the central state bank, with organic autonomy, independent legal status and assets of its own. On February 23, 1998, Decree-Law No. 181 is promulgated including the structure, functions and activities assigned which pertain to an international banking organization.

Among its functions are the following:

  • To obtain and grant credits in national currency and in freely convertible currency.

  • To issue bank guarantees of all kinds under previous evaluation of the economic-financial management of the requesting entity.
  • To issue, accept, discount, guarantee and negotiate bills of exchange, promissory notes, cheques and other documents related to trade, which may be negotiable, denominated in national or foreign currencies.
  • To fix interest rates to operations effected by the Bank under the limits established by Banco Central de Cuba.
  • To constitute official export credit insurance entities according to the effective legislation with regard to insurance.
  • To keep record and control, service and handle the foreign debt that the Cuban Government and Banco Nacional de Cuba have contracted with foreign creditors to the date on which Decree-Law No. 172, of 1997, on Banco Central de Cuba went into effect.

It must be stood out that Decree-Law No. 181 establishes that all contingent guarantees and obligations of Banco Nacional de Cuba at the time of the promulgation of Decree-Law No.172, of 1997, on Banco Central de Cuba and those that it may issue and contract in the future are valid obligations binding on Banco Nacional de Cuba, retaining their full legal effect, and that segregation of the central banking functions will not affect, in any way, their backing nor the powers which Banco Nacional de Cuba holds for the fulfilment of its obligations under Decree-Law No. 181.

Banco Nacional de Cuba has been developing an active work in the negotiations and in the signing of agreements attached to the debt rescheduling, obtaining new credits from foreign banks and institutions, with better financial conditions.

Financings were granted in freely convertible currency to national entities. Moreover, the activity in reopening the export credit insurance capacities was significant. This has made possible the increase of foreign financing and a greater access to the market.

Currently, Banco Nacional de Cuba counts on a network of over 186 workplaces. The flow of information generated by this network has a high compartment level and allows simultaneous access of several users. At present, work is carried out in establishing remote access to the services offered as well as in bank interconnection projects.