EU to Offer Assistance in Dual Currency Unification

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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…




Unbiased reporting on economic news and business developments in Cuba by industry sector


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