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Cuba Halts Use of Dollars, October 26, 2004

The Central Bank of Cuba announced that on November 8, after ten years of use after post-Soviet reforms, dollars are no longer to be accepted or used, in what the Bank calls an attempt to retain control of the Cuban Economy, as the U.S. attempts to close off many foreign sources of Cuban capital (the Cuban peso cannot be used for international commerce). Cubans can still possess dollars, and may transfer them into pesos for a charge of 10%, a charge that will not be applied to foreign currencies, which prompted aide Carlos Valenciaga to instruct Cuban-Americans giving remittances to relatives to send them in foreign amounts.


News Stories:

"Nada ni nadie nos puede intimidar ni amenazar "
Diario Granma (Cuba) October 26, 2004
"Cuba recobra la plena soberanía sobre su moneda "
Juventud Rebelde (Cuba) October 26, 2004
"U.S. dollar unwelcome in Cuba, Castro says "
International Herald Tribune October 26, 2004
"Cuba bans US dollar transactions "
BBC News (UK) October 26, 2004
"Cuba to take 10% of exiles' cash "
Miami Herald October 26, 2004

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October 26, 2004