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Double trouble? Cuba moves to scrap its dual currency system

Posted on 24 October 2013

In a rare display of economic reality from the government in Havana, Cuba has announced plans to scrap its own hard currency, the convertible peso. Cuba’s president Raúl Castro told the nation’s parliament of the plan to eliminate the dual currency, as part of a strategy “to update our economic and social model”.
The country’s official newspaper, Granma, gave more details of the “advance toward monetary unification” – in other words, allowing foreign tourists and businesses to transact exclusively in the island’s basic currency………………………………………..Full Article: Source


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