The Council of State created Banco Central de Cuba (BCC), on May 28, 1997, which 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, it was designed to cope with the needs which arise from the development of new ways to organize 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 for 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 authorized 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 accurate measurement, contribute to making the efficiency analysis on a real basis and encourage the efficacy of the economy in general (especially work productivity). It must also seek to normalize 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.
Cuba has several domestic, commercial banks and more than a dozen foreign banks operating in the country: Banco de Crédito y Comercio, Banco de Inversiones, Banco Exterior de Cuba, Banco Financiero Internacional, Banco Internacional de Comercio, Banco Metropolitano, Banco Nacional de Cuba and Banco Popular de Ahorro.
There are also a number of foreign bank operating in Cuba: Banco Bilbao Vizcaya Argentaria (Spain), Banco Nacional de Comercio Exterior (Mexico), Banco Sabadell (Spain), BNP Paribas (France), Caja de Ahorros y Monte de Piedad de Madrid (Spain), EBN Probanca (Spain), Fransabank (Lebanon, Havana International Bank (United Kingdom), ING Bank (Netherlands), National Bank of Cuba (Cuba), Netherlands Caribbean Bank (Netherlands Antilles), Republic Bank (Trinidad and Tobago) and Société Générale (France).