Skip to comments.Cuba reintroduces the dollar
Posted on 12/07/2019 12:29:26 PM PST by ameribbean expat
In October Cubas communist government said citizens could open bank accounts that receive dollars, yen, euros and other European currencies. They will be able to use the money to buy imported goods from new state-owned shops, called Tiendas Moneda Libremente Convertible (or convertible-currency shops), where prices are given in dollars. More than 70 are planned. This ends a ban on dollar transactions introduced in 2004.
(Excerpt) Read more at amp.economist.com ...
what did the commie bastards use before? Monopoly money?
Impossible! Everyone knows the US dollar is FINISHED, and that the dominant economic powers on the PLANET are going to cause its CRASH by making a new reserve currency! /s Thanks ameribbean expat.
They have two versions of the Cuban peso. The convertible peso (symbol is CUC— can’t make it up) which trades at 1 to the USD. Then there is the regular Cuban peso (symbol: CUP) which Cuban citizens get to use. Foreign exchange is limited to the CUC.
No gold backed yuan or Russian crypto convertible into oil for the Castro boys? Truly shocking. And just in time for a Feliz Navidad appeal to the Miami relatives.
Now if Cuba could only get out of the 1950’s
When even the government run shops (which usually cater to the ‘Some pigs are more equal than others’ communist party members) don’t have enough customers, it is just further evidence of the total catastrophe of communist socialism.
Such shops are perks to party officials and apparently they now have to open them up to try to get foreign currency when their own isn’t worth the paper is printed on (not even as toilet paper)
“THEY MAKE BELIEVE THEY PAY US, WE MAKE BELIEVE WE WORK” - an old joke from the old Soviet Union
It’s not only that they have two currencies, there are stores that only accept “hard” currency, which most Cubans do not have.
The New JC Whitney catalogs will be coming out soon!
They have two versions of the Cuban peso.
When I went to Red China almost 40 years ago, they had the same system. I had tourist renminbi, which I could only use in a few locations. I soon found out that there was an active black market in peoples RMB, trading at a very good discount, and I traded some for the other. That meant that I could get meals and haircuts and local goods anywhere. The buyers got a chance to purchase goods at the tourist shops.
The Chicoms soon ended the dual currency system, as they werent able to effectively fight the corruption.
They used PESOS...useless pesos.
Yep. It's over. The Petro, now that's the way to go.
Confederate money and Monopoly money. Worth about the same in a Havana whorehouse.
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