Cuba devalues its currency and makes the US dollar legal tender for shopping

Saturday, July 18th 2020 - 09:05 UTC

Full article 4 comments

Cuba said this week it will allow some stores to sell food, personal hygiene and other consumer goods in U.S. dollars and will eliminate a 10% tax on the greenback, an effort to rake in more hard currency to purchase goods abroad. Read full article

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Pugol-H
So you have to put your tradable currency into a bank account to spend it.

Hmmm.
Jul 19th, 2020 - 12:41 pm - Link - Report abuse 0
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Jack Bauer
So for ex., if a relative in Miami sends them USD, or if they buy dollars on the black market, i.e, “such as exchanging local pesos on the street”, they need to allow the government to “look after it” for them, in order to be able to spend it....legally....that's what you call a democracy.
Jul 19th, 2020 - 10:48 pm - Link - Report abuse 0
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Pugol-H
More like currency controls combined with being able to check who has dollars and how much.

Didn’t Argentina “appropriate” all dollar accounts at one time?
Jul 22nd, 2020 - 03:27 pm - Link - Report abuse 0
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Jack Bauer
Pugol-H

Exactly... it's easy to control the Dollars that are sent from abroad.....as well as those purchased locally on the black market, which if not to kept under the matress for a rainy day, will need to pass through the bank account to be able to use.....and the government can forcebly buy them out at any moment, at the unrealistic official rate, or worse, simply confiscate them...
Jul 22nd, 2020 - 08:49 pm - Link - Report abuse 0
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