Latin America

Bacchus4.0

(6,837 posts) Tue Oct 22, 2013, 09:51 AM Oct 2013

Cuba announces elimination of dual currency (Spanish)

http://www.notitarde.com/Internacional/Cuba-anuncia-la-eliminacion-de-la-doble-moneda-en-Cuba/2013/10/22/274444

Says they are taking measures to unify the currency. Only country in the world currently to have a dual currency.

6 replies

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Highlight:

Cuba announces elimination of dual currency (Spanish) (Original Post) Bacchus4.0 Oct 2013 OP

Better than a duel currency. Common Sense Party Oct 2013 #1

BBC: Cuba to scrap two-currency system in latest reform Eugene Oct 2013 #2

Fidel Castro always opposed duel currency, and he was ignored, Judi Lynn Oct 2013 #3

maybe duel currency, but what about dual currency? Bacchus4.0 Oct 2013 #4

"Duel currency." That's what I said! Judi Lynn Oct 2013 #5

fascinating n/t Bacchus4.0 Oct 2013 #6

Common Sense Party

(14,139 posts)

1. Better than a duel currency.

Reply to Bacchus4.0 (Original post)

Tue Oct 22, 2013, 10:40 AM

Oct 2013

Eugene

(61,900 posts)

2. BBC: Cuba to scrap two-currency system in latest reform

Reply to Bacchus4.0 (Original post)

Tue Oct 22, 2013, 11:02 AM

Oct 2013

Source: BBC

22 October 2013 Last updated at 14:04 GMT

Cuba to scrap two-currency system in latest reform

Cuba is to scrap its two-currency system in the latest financial reform rolled out by President Raul Castro, official media report.

Since 1994 Cuba has had two currencies, one pegged to the US dollar and the other worth only a fraction of that.

The more valuable convertible peso (CUC) was reserved for use in the tourism sector and foreign trade.

Now its value will be gradually unified with the lower-value CUP, ending a system resented by ordinary Cubans.

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