The creation of Banco Central de Cuba (BCC),
as disposed by the Council of State by means of Decree-Law
No. 172, of May 28, 1997, provided the country with an institution,
capable of concentrating its efforts in the execution of its central banking
functions and established a two-tier banking system integrated by Banco
Central de Cuba and a group of banks and non-banking financial institutions,
capable of coping with the needs which arise from the development of new
ways to organise the internal and external economic relations of the country.
As the governing authority of the Cuban banking system, BCC has the mission:
- To issue the national currency and seek for its stability.
- To contribute to the macroeconomic balance and orderly development
of the economy.
- To keep custody of the country’s international reserves.
- To propose and implement a monetary policy which allows to attain
the economic goals established by the country.
- To ensure normal internal and external payment operations.
- To dictate mandatory regulations.
- To exercise the functions related to the discipline and supervision
of the financial institutions and representative offices authorised
to establish themselves in the country and of any other entrusted to
it by the laws.
Besides the aforementioned classical functions, Banco Central de Cuba
must undertake other challenges: to improve the monetary system, in
such way, that it can make feasible execution of the economic activity,
enable its accurate measure, contribute to making efficiency analysis on real
basis and encourage the efficacy of the economy in general and, particularly,
work productivity; normalise the external financial relations of the country –including
the foreign debt issue- and support credit management of banks integrating the
national system and of Cuban enterprises by means of bilateral contacts with
other central banks, export credit insurance companies and other official and
private financial institutions.