The Cuban CUP – Could its Days Be Numbered?

It was reported by Agence France Presse (AFP) that President Raul Castro has indicated the unification of Cuba’s dual currency system is on its way.  The possibility of monetary reform was first mentioned in 2013.  Last year, it was expected to take place in April but did not come to pass. Last December, Marino Murillo, Vice President of the Government and Head of the Permanent Commission for Implementation and Development told the National Assembly  that a team of experts was working on currency reform. Currency unification is on the agenda in the updating of the Cuban economic model.  However, the monetary change turns out to be more complicated than originally thought because of the CADECA exchange rate of One CUC to 25 CUP. The pundits…

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