[Marxism] Cuba to experiment with trading in yen, European, Lat Am currencies

["Walter Lippmann" <walterlx@xxxxxxxxxxxxx>]

(Here's another new development with the currency changing
in Cuba. This is just coming out today and will further 
ease currency transactions here. Whereas the US dollar had
been the preferred local currency, now, not only will the
Euro, the Canadian dollar and the British pound be used,
but this article says that OTHER Latin American currencies
will also be changeable at the new currency exchange which
is to be launched here next week. Two have been cited, the
Mexican peso and the Venezuelan Bolivar. 

(If you haven't been to Cuba and seen the new convertible
Cuban pesos, the URL below will provide you with photos
of the front and back of one of the new 10 peso convertible
bills. The front of each bill has a different image, while
the backs are all the same except for the denomination.)
==========================================================

Cuba to experiment with trading in yen, European
and Latin American currencies

By : Date : 10 November 2004 0427 hrs (SST)
http://www.channelnewsasia.com/stories/afp_world_business/view/116271/1/.htm
l

HAVANA : Cuba will open a currency exchange window to trade
Japanese yen, Canadian, European and Latin American
currencies for the convertible peso, the local currency the
government is using to replace the US dollar, the communist
party daily Granma announced Tuesday.

The special exchange office will open next week in Havana,
the report said.

The convertible peso, which has no value on international
markets, on Monday became the only currency accepted for
transactions in communist-ruled Cuba, after more than a
decade in which the US currency was used in transactions
involving imported goods.

"In response to the Empire's aggressions, Cuba recovers
monetary sovereignty," read a Granma headline refering to
the United States.

Expatriate Cubans send more than 800 million dollars a year
to relatives on the island.

But the government, on the heels of tightened US sanctions,
is set to charge from next Monday a 10-percent tax on money
sent into Cuba in US dollars.

So most Cubans have traded in greenbacks for convertible
pesos, and many have opened US-dollar denominated savings
accounts; if they receive transfers from abroad into these
accounts they will not be charged the 10-percent tax.

Cubans can still keep a limited amount of dollars at home,
as well as hold US dollar bank accounts.

- AFP



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