HAVANA, Cuba, Oct 1 (acn) The elimination of the circulation of the double currency and exchange rate in Cuba is a high priority and challenge for the island banking system.
The statement was made by the Minister-president of Cuba's Central Bank (BCC) Ernesto medina, who gave an interview to Granma newspaper on the importance of this process.
The currencies on the spotlight of this initiative are the Cuban Convertible Peso or CUC and the Cuban Peso or CUP (national currency) whose exchange rate varies from 1 CUC to 24 CUP for the population and a 1 to 1 in the entrepreneurial sector.
In order to undertake the initiative, a working group is operating with state central administration agencies, the official said and noted that the currency to remain circulating will be the Cuban Peso or CUP. This, he said, will need a larger amount of money in circulation for which authorities have considered issuing bills of larger denominations.
Also under consideration is the use of magnetic cards to avoid paying cash for different operations.
The official reiterated that the elimination of the double currency in Cuba will not affect any bank accounts, since they will automatically be changed into CUP in order to protect the clients.
The currency unification is a policy included in the government's strategy to favor the effectiveness of other actions relevant to the current update of the Cuban economic model.
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