Currency unification in Cuba - are the CUP's days numbered? Photo: Cuba Business Report staff.
It was reported by Agence France Presse (AFP) that President Raul Castro has indicated the unification of Cuba’s dual currency system is on its way. The possibility of monetary reform was first mentioned in 2013. Last year, it was expected to take place in April but did not come to pass. Last December, Marino Murillo, Vice President of the Government and Head of the Permanent Commission for Implementation and Development told the National Assembly that a team of experts was working on currency reform. Currency unification is on the agenda in the updating of the Cuban economic model. However, the monetary change turns out to be more complicated than originally thought because of the CADECA exchange rate of One CUC to 25 CUP. The pundits are betting the Communist Party of Cuba (Partido Comunista de Cuba, PCC) will begin the process as early as next month. The issue has become a pressing one. This past December President Castro emphasized the need to hasten the process saying, “This issue has taken us too long and it cannot be delayed any longer.”Advertisement. Scroll to continue reading. Further evidence to support the theory that the CUPs days are numbered was the very recent…
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