Cuba to introduce higher denominations in February
In 2013 the Central Bank of Cuba announced it would abolish the two-currency system. Since 1994 Cuba has had two currencies, one pegged to the US dollar and the other worth only a fraction of that. The more valuable convertible peso (CUC) was reserved for use in the tourism sector and foreign trade.
In October 2014 I wrote about the need for higher denominations to go ahead with this plan. It has now been announced what this means. Right now the highest denomination is 100 pesos which is only about 4 US dollars. From 1 February 2015 notes of 200, 500 and 1,000 pesos will start to circulate.
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