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Cuba to scrap two-currency system which helped creation of a two-tier class system

Tuesday, October 22nd 2013 - 22:50 UTC
Full article 4 comments

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. Read full article

Comments

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  • Anglotino

    Eventually Venezuela and Argentina will have to do something similar and merge their dual exchange rates.

    The markets win again.

    Oct 23rd, 2013 - 12:02 am - Link - Report abuse 0
  • ChrisR

    1 Anglotino

    It may not come to that as both currencies are almost valueless.

    Just as the market predicted. Mr. Market ALWAYS wins, it's only the stupid presidents of SA who think THEY can dictate what happens to the market.

    Ha, ha, ha.

    Oct 23rd, 2013 - 02:53 pm - Link - Report abuse 0
  • Brasileiro

    You can say whatever they want. Cuba is the most beautiful country I've ever had the opportunity to meet.

    Long live Cuba!

    Oct 23rd, 2013 - 03:58 pm - Link - Report abuse 0
  • macsilvinho

    Nothing will change in the Biggest Island of hungry beggars in the world! Cuba is falling apart!

    Oct 23rd, 2013 - 07:58 pm - Link - Report abuse 0

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