A woman displays Cuban pesos, or CUP (right) and the more valuable convertible pesos, or CUC (left), in Havana Tuesday. Raul Castro's government announced that it will begin unifying the two currencies.
Originally published on Tue October 22, 2013 4:09 pm
Cuba will end the two-currency system it has used for nearly 20 years. Since the collapse of the Soviet Union, Cuba has used either American currency or a peso that's pegged to the dollar alongside its national peso.
The monetary unification will phase out a system that has become a symbol of exclusivity and foreign wealth. Many products that are imported into the country can be bought only with the dollar-based convertible peso. But most Cubans are paid in the standard peso, which is worth just a fraction of the other currency.
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Click the play button above and listen to this segment from WLRN's hour-long episode, "The Sunshine Economy: Public Debt," with host Tom Hudson. The episode is part of an ongoing series examining key industries of the South Florida economy. Shows air Mondays at 9:00 a.m. on 91.3 FM.
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