Cuba is to scrap1 its two-currency system in the latest financial reform rolled out by President Raul Castro, official media report.
古巴总统劳尔·卡斯特罗的最新金融改革规定,古巴将废除双货币系统。
Since 1994 Cuba has had two currencies, one
pegged2 to the US dollar and the other worth only a fraction of that.
The more valuable
convertible3 peso (CUC) was reserved for use in the tourism
sector4 and foreign trade.
Now its value will be gradually
unified5 with the lower-value CUP, ending a system resented by ordinary Cubans.
The two-currency system was supposed to protect Cuba's fragile economy but angered locals paid in the much lower-value CUP and denied access to goods only available for those with convertible pesos.
The policy
exacerbated12 the creation of a two-tier class system in Cuba which divided privileged Cubans with access to the
lucrative13 tourist and foreign-trade
sectors14 from those working in the local economy - all-too-visibly contradicting Cuba's supposedly egalitarian society.
The council of ministers has approved a timetable for
implementing15 "measures that will lead to
monetary16 and exchange unification", the official Communist Party newspaper Granma said.
Unification is "
imperative17 to guarantee the re-establishment of the Cuban peso's value and its role as money, that is as a unit of
accounting18, means of payment and
savings19", it said.
It gave no details of how quickly the change would be
implemented20, though Reuters news agency quoted Cuban
economists21 as saying it would take about 18 months.