Cuba Frees Up Frozen Accounts

HAVANA TIMES, July 23 – The Central Bank of Cuba took the lock off some 600 accounts belonging to foreign suppliers with funds estimated at US $1 billion.  The money had been frozen since the beginning of the year.  The action will allow the firms to continue operations on the island, reported IPS.

A business person who supplies Cuban industry with raw materials told Havana Times that they were given a partial payment on the accumulated debt under the condition that they continue to do a certain level of business with the island.

Not all suppliers are receiving the same treatment, the business person noted, as the funds being released are based on priority purchases.