Cuba To Get Rid of Two-Currency System

One currency is pegged to the American dollar

Cuba is to scrap its two-currency system in the latest financial reform rolled out by President Raul Castro, official media report.

Since 1994 Cuba has had two currencies, one pegged to the US dollar and the other worth only a fraction of that.

The more valuable convertible peso (CUC) was reserved for use in the tourism sector and foreign trade.

Now its value will be gradually unified with the lower-value CUP, ending a system resented by ordinary Cubans.