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Banco Nacional de Cuba (BNC) was created
by Law No. 13 of December 23, 1948, as the central state bank, with
organic autonomy, independent legal status and assets of its own.
On February 23, 1998, Decree-Law No. 181 is promulgated including
the structure, functions and activities assigned which pertain to
an international banking organization.
Among its functions are the following:
- To obtain and grant credits in national currency and in freely
convertible currency.
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- To issue bank guarantees of all kinds under previous evaluation
of the economic-financial management of the requesting entity.
- To issue, accept, discount, guarantee and negotiate bills of
exchange, promissory notes, cheques and other documents related
to trade, which may be negotiable, denominated in national or
foreign currencies.
- To fix interest rates to operations effected by the Bank under
the limits established by Banco Central de Cuba.
- To constitute official export credit insurance entities according
to the effective legislation with regard to insurance.
- To keep record and control, service and handle the foreign debt
that the Cuban Government and Banco Nacional de Cuba
have contracted with foreign creditors to the date on which Decree-Law
No. 172, of 1997, on Banco Central de Cuba went into effect.
It must be stood out that Decree-Law No. 181 establishes that all
contingent guarantees and obligations of Banco Nacional de Cuba
at the time of the promulgation of Decree-Law
No.172, of 1997, on Banco Central de Cuba and those that it
may issue and contract in the future are valid obligations binding
on Banco Nacional de Cuba, retaining their full legal effect, and
that segregation of the central banking functions will not affect,
in any way, their backing nor the powers which Banco Nacional de
Cuba holds for the fulfilment of its obligations under Decree-Law
No. 181.
Banco Nacional de Cuba has been developing an
active work in the negotiations and in the signing of agreements
attached to the debt rescheduling, obtaining new credits from foreign
banks and institutions, with better financial conditions.
Financings were granted in freely convertible currency to national
entities. Moreover, the activity in reopening the export credit
insurance capacities was significant. This has made possible the
increase of foreign financing and a greater access to the market.
Currently, Banco Nacional de Cuba counts on a network of over 186
workplaces. The flow of information generated by this network has
a high compartment level and allows simultaneous access of several
users. At present, work is carried out in establishing remote access
to the services offered as well as in bank interconnection projects.
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