Central Bank Resolution 118/2026

Resolution 118 governs how approved local development projects open bank accounts and obtain finance. It implements Decree 174, linking a project's banking arrangements to municipal or provincial approval. Applicants must identify authorised account operators, while banks retain their ordinary risk and guarantee checks.

Projects may hold accounts in Cuban pesos and, when they have lawful internal or external funding, foreign currency. The rule also covers municipal development funds, trust-funded credit and bank-funded loans. Credit from local development trust funds carries four per cent interest. Resolution 118 repealed the earlier banking procedure, placing current project accounts and financing under the framework published with Decree 174.