Saturday, December 19, 2009

New Cuba Currency, Not Yet

New Cuba Currency, Not Yet
December 18, 2009

HAVANA TIMES, Dec. 18 - The Unitary System for Regional Compensation of
Payments (SUCRE) will not be a common currency, but rather an electronic
account unit for financial transactions between the countries of the
Bolivarian Alliance for the Peoples of Our America (ALBA), affirmed
Osvaldo Martínez, chairman of parliament's Economic Affairs Committee,
reported IPS.

The immenent entrance of the SUCRE on the books for trade was announced
at the recently held ALBA Summit in Havana.

Martinez spoke to quash rumors on the island on an imminent change of
local currency. Cuba currently has two national currencies in
circulation the CUC, that equals US $1.25, and the CUP regular peso
which is worth 5 cents of a US dollar.

Most Cubans hope to see a single currency that is the same one that
people earn with their salaries. At present they get paid in CUP but
must purchase numerous basic consumer goods in the CUC hard currency.

New Cuba Currency, Not Yet - Havana (19 December 2009)

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