Cuba Currency Unification


Cuba Currency Unification Could Be Ready In 3 Years- And Then What?

By David Brunat (LATAM CORRESPONDENT) | The main economic oddity in Cuba is on its way to become a memory of the past. The Communist regime announced through its official newspaper Granma that it will be taking the first step toward eliminating a two-currency system, which symbolizes the uncomfortable inequality in the island. After the reform is completed, the Cuban peso (CUP) will remain the only authorized currency, while the Convertible peso, or CUC, pegged to the US dollar, will no longer exist. What will happen to the black market or the checking accounts held by foreign companies on the island remains unclear.