In Havana, Alejandro Fonseca found himself amidst a crowd, patiently waiting for hours outside a bank, hopeful to withdraw some Cuban pesos from an ATM. However, just as he approached the machine, it ran dry, leaving him exasperated. Determined, he embarked on a journey across several kilometers on his electric tricycle to another branch, where after a morning of frustration, he finally secured some cash.

Reflecting on his ordeal, the 23-year-old expressed his dismay, stating, “It shouldn’t be so difficult to get the money you earn by working.”

Fonseca’s experience is not unique; it echoes the sentiments of countless other Cubans grappling with an emerging challenge amidst the complexities of the island’s monetary system—a shortage of cash.

The scenes of long queues outside banks and ATMs have become a common sight in Havana and beyond, as citizens endeavor to obtain cash for their daily needs, including purchasing food and other essentials.

Experts attribute the cash shortage to various factors, all stemming from Cuba’s profound economic crisis, which stands as one of the most severe in recent memory.

The island nation faces a convergence of economic challenges, including reduced tourism revenue due to the COVID-19 pandemic, dwindling foreign exchange reserves, and longstanding structural issues within its economy. Additionally, the tightening of U.S. sanctions has further exacerbated the situation, restricting Cuba’s access to international financial systems and impeding its ability to conduct transactions in foreign currencies.

Consequently, the scarcity of cash has become yet another hurdle for Cubans already navigating a labyrinthine monetary landscape.

As citizens endure the frustration of lengthy waits and uncertainty surrounding their financial transactions, the cash shortage underscores the profound economic strains gripping Cuba and the daily struggles faced by its populace.