Cuba announces start of currency unification

Published: 22nd October 2013 06:41 PM  |   Last Updated: 22nd October 2013 06:41 PM   |  A+A-


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 currencies.

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.

More from World


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp