Cuba de-dollarises its economy
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HAVANA  - Thousands of Cubans queued up yesterday to swap US dollars - which have been legal tender here for over a decade - for local convertible pesos, in a mad rush ahead of November 8, when US currency will be locked out of commercial transactions
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Stricter enforcement of 40-year-old U.S. sanctions has made it harder for Cuba to do its banking and has seen Cubans evicted from U.S.-owned hotels around the world, Cuba said on Tuesday.
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Five days after falling and fracturing a knee and an arm, Cuban President Fidel Castro appeared on television on Monday with his arm in a sling to announce Cuba will end circulation of the US dollar.
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As the dollar fell in 2004, investors piled into foreign companies' U.S.-listed securities to make a currency-conversion killing.
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The US dollar, after a decade as the dominant currency for buying everything from shampoo to canned food to furniture, is no longer accepted in Cuba as of yesterday.
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Commodities rise to record levels on demand, dollar depreciation.
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Cuba has ended circulation of the US dollar in an attempt to resist a tightening US blockade. Dollar transactions that have been allowed for the last 11 years were replaced by convertible Cuban pesos, which are worthless outside Cuba.
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The economy of Latin America and the Caribbean grew 5.5 percent this year, outstripping the most optimistic forecasts. But structural challenges linked by many experts to neo-liberal economics stand in the
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WHEREAS: In the last few months the US government has intensified its economic war on the people of Cuba by dictating new measures aimed at systematically hindering the external financial flows of our country, thus causing serious damage and creating
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You probably know that the dollar is plunging. That will make it expensive to travel overseas for the holidays or to buy something made in a foreign land.
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The dollar dropped sharply against a broad range of major currencies today, highlighting concern about the strength of the American economy.
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Cuban economists are busy studying ways to rev up one of the world's last communist-run economies, a step encouraged by acting President Raul Castro since he took over from his ailing brother six months ago.
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Cubans and tourists lined up to change U.S. dollars into local currency Sunday, the last day to do so without paying a 10 percent surcharge that is part of a government measure to eliminate the dollar from circulation on this communist-run island.
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Cuba accuses the US of issuing fewer entry visas to Cubans than allowed for by a deal between the two countries.
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The US dollar is dragged down further to a new low against the euro after US economic data.
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In a televised address, President Fidel Castro of Cuba announced Monday night that United States dollars, which have kept his country&#39;s ailing economy afloat for the
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The formal end of Fidel Castro's nearly 50-year rule in Cuba opens the prospect of more free-market economic reforms, but sweeping political changes are not immediately likely, according to analysts who monitor events in the Communist island nation.