Cuba will have a single currency in 2021
The Cuban economy will now have an important turn, after having lifted the use of two types of currencies after 26 years
Starting next year, Cuba will have a single currency after 26 years with a system of two local currencies, as reported by President Miguel Díaz-Canel.
This measure has the objective of seeking more efficiency in the Cuban economy and thus, facilitating the entry of foreign investment at a time when the island needs extra income to face the consequences of the pandemic.
“It is considered that the current conditions allow announcing the start of the change as of January 1st, 2021 with a single exchange rate of 24 Cuban pesos for one dollar”, the president said in a message to Cubans on the national broadcast, accompanied by Raúl Castro, first secretary of the Communist Party (PCC).
The measure, which seeks to correct distortions in the economy, consists of the gradual elimination within a period of six months of the convertible peso (cuc) created in Cuba 26 years ago.
K. Tovar
Source: RFI
