Cuba to End Dual Currency System

Cuba will end its decades-old dual currency system and have a single unified exchange rate of 24 pesos per dollar from January, Cuban President Miguel Diaz-Canel said.
Streamlining the currency system will put the country on a sounder footing “to go ahead with the transformations that we need to update our economic and social model”, Diaz-Canel said in a televised speech on late Thursday, accompanied by former president, Raul Castro, Bloomberg reported.
The socialist economy has been hurt by the slump in tourism income since the pandemic began and was already suffering under the US embargo. The unification of the currencies is part of a wider reform package that the government has also said will include the modification of some prices and subsidies.
Diaz-Canel had announced the unification of the exchanges in October, saying details would be provided at a later date.