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In 1996, Cuba introduced the circulation of a second currency in addition to the traditional Cuban peso.
The dual Cuba monetary system includes the convertible peso or the foreign currency, as it is commonly called.
Since then, there have been two currencies on the Island for purchasing and selling products, which
has resulted in mixed opinions from the population.
Well, I have had no benefit whatsoever and no difficulty personally.
We have enough because we have had enough of that double currency.
Everything I can buy with a foreign currency peso is worth 25 national pesos,
which is how they pay all of us.
Well, there is no benefit at all, but difficulty, yes,
because, truly, if a young boy does not have the dollar,
then he cannot buy himself anything at all. Through the exchange houses,
the State sells the convertible peso, or C.U.C., at 25 national pesos
and buys them at 24 pesos.
This type of Cuban money, has had various prices in accordance with the rampant economic crisis
since its initiation. The people say the problem is that the Cuba average salary
is around 15 convertible pesos: Well, the truth is, that as a worker, I collect in normal Cuban currency, which
is the national currency. The State approved the double currency based on the economic problems.
We know that this law was approved out of necessity because of economic problems.
Havana introduced the convertible peso and eliminated the American dollar from circulation,
They said it was a way to retaliate against the commercial embargo of United States against Cuba
at the start of the 1960s
when political tensions between both governments became intense.
Our country should only circulate with one single currency and
if it is the national currency Cuba should sell and market all of its products using all
the national currency. If our currency is in C.U.C., all of the workers should collect their salary in C.U.C.
That way there is equity, one that corresponds between wages and products
because the prices of the C.U.C. products are very high in comparison with Cuban salaries, which is not good.
Many Cuban homes completely depend on money sent by family members who live abroad.
Within the reforms that the government of Raul Castro studies; the one of the double
currency is still without a visible solution; at least in the short term.
In reality both currencies are national.
Well, I do not think that the double currency works here. For me, that one stays.
Cubans aspire for the Cuban peso to be the only currency with legal circulatory force.
Cubans want to be able to buy and pay throughout the country
using real exchange values. It would help with internationally recognized currencies,
like a circulating asset by the banking and financial Institutions.
The State in its commercial and monetary transactions fails to offer a singular, adequate currency for the Cuban people.