[News] Cuba announces the beginning of the monetary unification that will lead to the disappearance of the CUC

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The Cuban government announced this Thursday that the island will begin monetary unification as of January 1, 2021.

 

In a televised message, President Miguel Díaz-Canel said that the Communist Party had decided to begin the "process of monetary and exchange unification and the rest of the necessary transformations that accompany it (...) as a decisive step in the monetary order from the country".

 

 

Currently two coins circulate in Cuba: the Cuban peso and the Cuban convertible peso, known as CUC and created in the 90s. The CUC is equivalent to the dollar.

Most of the po[CENSORED]tion collect their salaries and pay for basic products and services in Cuban pesos; while the State sells imported products and charges for services such as tourism in CUC.

However, for a couple of years, it is possible to pay in both currencies at any establishment.