Tag: Cuban Convertible peso

• Tuesday, March 15th 2011 - 23:47 UTC

  Cuba devalues currency 8% to boost exports and imports substitution process

  

  Cuba devalued its convertible peso by 8% Monday to the level of parity with the US dollar as part of efforts to boost the island's flagging economy, the central bank said. Use of the convertible peso is limited to tourists and other foreigners, for Cubans who receive remittances from abroad and for export activity