Latin American Weekly Report

07/01/2021 - Cuba finally bites the bullet and eliminates dual-currency system

Few of the anniversaries of the Cuban Revolution celebrated on 1 January have been as momentous as the 62nd. This marked the day of reckoning for the Cuban economy, which could also have political repercussions, after the Communist government finally took the plunge and unified the currency system. This is the first official devaluation of the peso since the 1959 revolution and the most significant economic reform since the ‘Special Period’ that followed the collapse of the Soviet Union in 1991.

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