10/22/13 - Fox News - Cuba announces start of currency unification but provides no details
HAVANA Cuba's government says it's starting to eliminate its unique
two-currency system, but it's revealing no details about the pace or scale
of the change.
President Raul Castro said this year that the communist government must
scrap the system, in which the vital tourism sector uses a currency fixed
at a rate roughly equivalent to the dollar. The rest of Cuba uses pesos
worth about 5 cents each that cannot be directly converted into foreign
It's meant to insulate and protect Cuba's communist system. But because
many unsubsidized goods can only be bought in the stronger convertible
peso, it has created a class of more prosperous Cubans, those with access
to the tourist currency.
The official publication Granma said the government would roll out the
measure in stages.
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