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Montevideo, April 19th 2024 - 00:18 UTC

Tag: Cuban peso

  • Tuesday, October 22nd 2013 - 22:50 UTC

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

    The tourism sector has boomed since the collapse of the Soviet Union plunged Cuba into economic isolation and hardship

    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.