Cuba Starts Monetary Overhaul Amid COVID-19 Pandemic

With the new measures in place, one dollar will equal 24 Cuban pesos (CUP), and the Convertible peso (CU)C will be out of circulation by the end of June.

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.

MONETARY UNIFICATION

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 . . .

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