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Published on Wednesday, October 23, 2013

Cuba to phase out currency used by tourists

Cuba is to scrap its second currency, used by tourists, in the latest financial reform rolled out by President Raul Castro.

Since 1994, the communist Caribbean island has had two currencies, the peso which is pegged to the US dollar and reserved for use in the tourism sector and foreign trade, and the other worth much less.

Now the value of the peso (CUC) will be gradually unified with the CUP to end resentment among those Cubans who were paid in the lower value currency and were unable to buy goods only available to those with convertible pesos.

The Council of Ministers has approved a timetable for currency unification, the official Communist Party newspaper Granma reported, but it has given no timetable for the reforms, although these are expected to take about 18 months

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