Cuba Stops Circulating U.S. Dollar After a Decade
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Cuba ended circulation of the dollar on  Monday to reduce its vulnerability to U.S. sanctions, and  shops, restaurants, gas stations, hotels and other businesses  began accepting only Cuban convertible pesos.
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China has been cutting dollar assets in its foreign exchange reserves to avoid losses stemming from the weakening of the US currency, the China Business News said on Friday.
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Cuba announces a ban on commercial transactions in dollars in response to tighter US sanctions.
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NEW YORK The dollar declined on Friday as the market shrugged off positive US economic data and remained focused on the record US current-account deficit.
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The dollar equalled a record low point against the euro and plunged to a 12-year trough against the British pound when it failed to shake-off market concern about the twin US deficits.
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Cuba announced Monday that U.S. dollars will no longer be accepted at businesses and stores on the communist island starting next month in a move that will radically change the way cash transactions have been done there over the past decade.
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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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Cuba is planning to ban the use of US dollars on the communist Caribbean island in answer to tighter US sanctions. Cuban leader Fidel Castro announced his decision on Monday
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Cuba and the US trade bitter words after Cuba announced it was banning the use of dollars on the island.
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The dollar weakened on Wednesday on  dealers' renewed concern about the ability of the United States  to finance its trade and current account deficits, causing a  recent rebound in the currency to fizzle out.
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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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BEIJING, Dec. 27 -- The dollar declined against the euro for the 10th week in 11 on speculation the European Central Bank (ECB) will not halt the currency&#39;s slide.
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Cuba announced Monday that US dollars will no longer be accepted at stores or other businesses on the communist island starting next month in a move that will radically change the way
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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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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.
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Heightened scrutiny of banking transactions by the United States since the September 11 attacks has led European and Canadian banks to curtail dealings with Cuba, bankers and businesses say.
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The dollar eked out some gains against  the euro on Friday, the last trading day of 2004, but the  beleaguered U.S. currency ended the year at a nine-year low  against a basket of major currencies.