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Under Pressure'

Some Cubans and analysts speculated it was an attempt to control the black market price of the dollar. That has risen to more than twice the official exchange rate since the import-dependent country started opening stores selling in hard currency and stopped selling greenbacks due to a cash crunch. Cuban bank account holders will have until June 21 to deposit dollars before the suspension takes effect.

"It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process U.S. currency in cash," the Cuban Central Bank said in a statement shared by state-run media. It added that the measure would not affect operations carried out by transfer or deposits in other currencies that are freely convertible and accepted in Cuba.

More than 20 banks have stopped processing transactions involving Cuba since former President Donald Trump tightened U.S. sanctions on the island nation, Central Bank Vice President Yamile Berra Cires said in a roundtable discussion on state television.

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