Cuba to End Dual Currency System in 2021 Amid Crisis Reform
- Socialist Caribbean island to have a unified exchange rate
- Authorities set exchange rate at 24 pesos per dollar
Photographer: Yamil Lage/AFP/Getty Images
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Cuba will end its decades-old dual currency system and have a single unified exchange rate of 24 pesos per dollar from January, President Miguel Diaz-Canel said.
Streamlining the currency system will put the country on a sounder footing “to go ahead with the transformations that we need to update our economic and social model,” Diaz-Canel said in a televised speech on late Thursday, accompanied by former president Raul Castro.