Monetary Unification Must Still Wait in CubaJuly 8, 2013 | Print |
HAVANA TIMES – Cuban President Raul Castro said on Sunday that studies continue on the removal of the dual currency monetary system prevailing on the island, Prensa Latina reported. Castro make the statement in his closing speech of a parliament session.
“This effort will require careful preparation and execution, both in the objective and subjective”, said the president, adding that he hopes to unify the two currencies “in an orderly and comprehensive manner, to make possible far-reaching changes.”
Most citizens of the island receive low wages in regular Cuban pesos, with much less value (1:24) than the CUC, the currency with which it sells most of the products in the state run stores.
Castro has been announcing his goal of monetary unification since coming to power, without achieving it thus far.