REUTERS/
Hoping to improve exports and tourism, Cuba has devalued its convertible peso, CUC, aka "Chavito" by 8%.
The Chavito has been valued at $1.08 vs usd since 2005, but will now be valued one-to-one.
"This is a very important measure that Cuban economists and foreign experts on Cuba have been recommending for years," economist Carmelo Mesa-Lago told REUTERS. "It should reduce the significant overestimation of the CUC/convertible peso/Chavito that causes all kinds of distortions, make cheaper tourism for Cuban Americans, Americans and Latin American countries in the dollar area, and stimulate sending of remittances."
However, a 10% tax on dollars remains because of the U.S. embargo.
Prior to today, a customer got 80 CUC for every $100; now the customer will get 87.10 CUC.
----------------------------------------------------
From my experience, what this means...is that you may now be able to get 90, 92 or perhaps even as much as 95 Chavitos for those Benjamins...with very hard bargaining..."en la calle"/in the street.
As always, BEWARE of la policia...in plain clothes, of course!!!
And...ALWAYS bring pristine bills, preferably the newest version.
Popular Posts
- CHINA / VIDEO : Dissident Artist Ai Weiwei Releases Critical Funky Rock Video.
- ITALY : Ruby Heartstealer Testifies About Bunga Bunga Parties at Milano Trial.
- VENEZUELA : Caracas Gets Some Toilet Paper Relief; Opposition TV Channel Globovision Surrenders; Maduro Befriends Empresas Polar.
- COSTA RICA / PERU / COLOMBIA : 17 May UPDATE : 2 More Aides Resign After Prez. Chinchilla Comes Under Fire For Free Flights On Alleged Narco Jet; Key Minister Resigns Over Flight From Bogus Person.
- BRASIL : Dilma Wins Port Privatization Approval From Congress.
- VENEZUELA / CUBA: Opposition Exposes Chavista Turmoil With Silva Tape.
- CANADA / MEXICO / CHILE : Former BC Woman Cop Murdered In Playa Del Carmen; Barrick Gold Fined $16 Million For Pascua-Lama, May Suspend Mine.
- UKRAINE : Thousands Protest In Kyiv For Yulia, Against Yanukovych; Some Injured In Clashes.
- BOLIVIA : La Paz Pension Protest Turns Violent On 11th Day.
- BRASIL / ITALY / GUATEMALA / USA / RUSSIA: 1 Dead, 7 Injured In Rio Fuel Tanks Fires/ Blasts; Ruby Heartstealer Admits Lying About Silvio's Sex Parties, Money; Ex-Prez Alfonso Portillo Extradited To USA For Money Laundering; Moscow Bans VKontakte By 'Mistake.'