Cuba to issue higher-denomination banknotes
Last year Cuba announced that it would abolish its two-currency system. Since 1994 Cuba has had two currencies, one pegged to the US dollar and the other worth only a fraction of that. The more valuable convertible peso (CUC) was reserved for use in the tourism sector and foreign trade. Now its value will be gradually unified with the lower-value CUP.
New details about this plan have now been published by the Central Bank of Cuba. The convertible peso is worth about one U.S. dollar, or 24 local pesos. The highest-denomination local bill is 100 pesos. So the shift will require putting more pesos into circulation and issuing higher-denomination banknotes.
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