Cuba will end its decades-old dual currency system and have a single unified exchange rate of 24 pesos per dollar from January, President Miguel Diaz-Canel said.
Streamlining the currency system will put the country on a sounder footing “to go ahead with the transformations that we need to update our economic and social model,” Diaz-Canel said in a televised speech on late Thursday, accompanied by former president Raul Castro.
Since 1994, foreigners in Cuba have mainly transacted using the Convertible Cuban Peso, or CUC, pegged to the dollar, while locals mainly used the much weaker Cuban peso. The change will take effect from Jan. 1 and the CUC will be removed from circulation in June.
wiatr almost 3 years ago
Does this mean they’ve had a double currency all these years?
briangj2 almost 3 years ago
Cuba will end its decades-old dual currency system and have a single unified exchange rate of 24 pesos per dollar from January, President Miguel Diaz-Canel said.
Streamlining the currency system will put the country on a sounder footing “to go ahead with the transformations that we need to update our economic and social model,” Diaz-Canel said in a televised speech on late Thursday, accompanied by former president Raul Castro.
Since 1994, foreigners in Cuba have mainly transacted using the Convertible Cuban Peso, or CUC, pegged to the dollar, while locals mainly used the much weaker Cuban peso. The change will take effect from Jan. 1 and the CUC will be removed from circulation in June.
https://www.bloomberg.com/news/articles/2020-12-11/cuba-to-end-dual-currency-system-from-january-in-crisis-reform