Rumours of reform: the likelihood and consequences of currency reform in Cuba

Rumours of reform: the likelihood and consequences of currency reform in Cuba

Given that September this year, indications have been growing that the Cuban federal government intends to shift forward with sweeping reforms to the country’s forex and exchange charge programs. These reforms will surely require the unification of the country’s existing dual forex system. Nevertheless, such a transform is easier claimed than accomplished and will just about unquestionably be agonizing in the quick expression, especially offered the economic blow the region has now obtained owing to the COVID-19 pandemic.

The Twin Currency Procedure and its Weaknesses

In 1994 Cuba introduced a next currency pegged 1:1 to the US greenback, the convertible peso (CUC), as section of initiatives to offer with the financial hardship of the Particular Time period, an economic disaster that beset the nation throughout the 1990s adhering to the collapse of the Soviet Union. The CUC is significantly extra important than the normal Cuban peso (CUP) due to its…

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