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.

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