After Raul Castro advocated in Parliament for the prompt elimination of the dual currency system, the Convertible peso lost some value in the informal market in Cuba. It is now trading at about .95 USD for each CUC. The official rate is parity with the USD, but after taxes and fees CADECA pays only .87 CUC for each USD. Since 1993 it is legal for Cubans to hold U.S. dollars.
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©2018 Monetary Research Institute.
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