Free Circulation of US dollar stopped in Cuba

[RebelYell]

Free circulation of US dollar stopped in Cuba

09.11.2004, 13.25

HAVANA, November 9 (Itar-Tass) - - Free circulation of the U.S. dollar has been stopped in Cuba.

Over 1.6 million Cubans exchanged U.S. dollars or put them on accounts in local banks after October 25 when it was announced that free circulation of U.S. dollars in Cuba would be stopped on November 8.

Head of the Central Bank of Cuba Francisco Soberon said that on Monday the population apprehended with understanding the authorities’ decision. ”Due to the abolition of free circulation of U.S. dollars, Cuba has fully restored the national monetary unit’s sovereignty,” Soberon said. As he said, now the Central Bank is supervising full control over foreign currency in the country.

It is the convertible pesos, which are now accepted in Cuba’s currency shops instead of dollars. The Cuban authorities set their value as equal to that of the U.S. currency, but they are of no value outside Cuba. Havana set a 10-per cent tax on exchange operations with U.S. dollars, starting from November 14. The rule does not affect the hard currency of other countries, however.

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http://www.itar-tass.com/eng/level2.html?NewsID=1435202&PageNum=0

[madrchsod]

1. fidel wants those 1.29 euros

since his main income is from europe makes sense to dump the dollar...hmmmm.... what currency is he using to buy our farm products?

[Occulus]

2. And so it begins. n/t

[TheIdiot]

3. I read in the NYT that

cubans may begin to hoard $'s instead, driving their value even higher.