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EU to Offer Assistance in Dual Currency Unification

cucs, dual monetary system
The EU has offered their expertise to assist in converting the dual monetary system to a single currency in Cuba.

An offer to assist in the unification of  Cuba’s dual currency system has been made by a European Union (EU) official on a visit to Havana this week.  The main objective of the visit is the preparation of a cooperation agreement on renewable energy. Cuba has been using two currencies for the last 10 years, the CUC (convertible peso) used by the tourism industry and shops selling imported goods, and the national peso (CUP) with which wages are paid and locally sourced goods are sold.  The dual monetary system has made accounting difficult when commodities are purchased with one currency and sold in another. The Cuban government was expected to unify the two currency system last year but this did not happen.  Marino Murillo told the National Assembly last December that a team of experts were working on currency reform. EU Director General of International Cooperation and Development, Stefano Manservisi, told a press conference the EU has, “perhaps the most significant experience worldwide in monetary transformation…  We have offered technical assistance to the Cuban government to share our experience.”Advertisement. Scroll to continue reading. “We are in the middle of the modernization and transformation of Cuba’s economy,” stated Manservisi. Manservisi, accompanied…

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