HAVANA, Cuba – Cuba’s top economic official says the country will eliminate a special currency designed for foreign exchange as part of a move to end the island’s unique double-currency system.
Tourists use a convertible peso equal to a U.S. dollar while most Cubans are paid in pesos worth about four cents. Many goods are easier to find in government stores that exclusively accept convertible pesos. The dual system creates privileges for those who work in tourism, and resentment from those who don’t.
- IBC estimates $230M in insured damage claimed from Edmonton storms
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
Get weekly money news
The government has pledged to unify the two currencies.
Vice-President Marino Murillo told parliament Friday that the special peso would eventually disappear, the first time the government has explicitly said that. He promised that savings in convertible pesos would retain their value until the change took place.
Reblogged this on Imarashed.