RIO DE JANEIRO, BRAZIL - The Cuban government on Friday, January 1st, put into effect a monetary overhaul in hopes of improving the country's economic performance amid the pandemic and the tightening of U.S. sanctions against the island.
The reform eliminates the dual currency system in place on the island since 1994, and increases salaries, pensions and social security payments while transforming the pricing structure completely.
Cuba's planned economy has been operating with the Cuban peso (CUP) and the Convertible peso (CUC), pegged to the U.S. dollar at par and worth 24 times as much . . .