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BUSINESS: Cuba to end circulation of U.S. dollar

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posted on Oct, 26 2004 @ 03:40 AM
From November 8th, US dollars will no longer be accepted in Cuba. Only the local currency will be accepted. There will be a 10 percent exchange commision for dollars. Other currencies can be exchanged for free.
Cubans, foreign residents and tourists will have to use locally printed convertible pesos, equal in value to the dollar, a Central Bank decree said on Monday. "As of November 8, the dollar will not be accepted in our shops, which will only accept convertible pesos," it said.

A 10 percent commission will be charged for changing dollars into the local currency.

The government encouraged Cubans living abroad to send cash remittances to their relatives in Cuba in other currencies, such as the euro, the British pound, Swiss franc and Canadian dollar, to avoid exchange costs.

Please visit the link provided for the complete story.

If you?re going to Cuba, you better bring other currencies than dollars to avoid the 10 percent exchange commission. You can?t even use creditcards issued by U.S.-based banks in Cuba after November 8th. It won?t be illegal to hold dollars which have been legal in Cuba since 1993.

Related Discussion Threads:
Cuba to end circulation of U.S. dollar by Nov 8th

[edit on 2004/10/26 by Hellmutt]

[edit on 8-2-2005 by William One Sac]

[edit on 8-2-2005 by William One Sac]

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