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Cuba cuts hard currency peso to par with dollar

Posted on 15 March 2011

From AP: Cuba’s central bank is devaluing the country’s two types of peso by about 8 percent in relation to the dollar and other foreign currencies, hoping the move will spur exports and local production as the government seeks to overhaul a moribund economy.
The announcement published in state newspapers on Monday says the hard-currency peso used mostly by tourists and foreign companies on the island will now be worth $1, down from $1.08. Each hard-currency peso is still worth 24 of the standard pesos with which most Cubans are paid in an unusual two-tiered currency system……………………………………….Full Article: Source


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