CUBA TO END DUAL CURRENCY SYSTEM IN 2021 AMID CRISIS REFORM


12/12/2020




Aslıhan DOĞRU -TDO- President Miguel Diaz-Canel, who made a statement along with Cuban Communist Party Secretary-General Raul Castro, announced that from January 1st, the exchange rate will be settled at 24 Cuban pesos equivalent to US$1.

It was announced that the dual currency system used in Cuba for years would end and the local currency and exchange rate would be combined.

Diaz-Canel said in his statement that with this decision, there is no magical formula to quickly solve the current problems in the Cuban economy, but that they aim to increase economic efficiency.

The government also plans to boost salaries and social support in the country and is aimed at preventing speculation and stockpiling in the country.


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