HAVANA (Reuters) – The European Union has offered to advise Communist-run Cuba on consolidating its two currencies, drawing on its experience from introducing the euro, an EU official said on Wednesday during a visit to Havana.
Cuba has had two currencies for more than a decade, the peso (CUP), in which most wages are paid and local goods are priced, and the convertible peso (CUC), used in tourism, foreign trade and some stores carrying imported goods.
Government - Currencies - Rumors - Year - President
The government has vowed to unify the currencies and there have been rumors that it would finally do so this year since President Raul Castro said in December that reform could no longer be delayed.
“We have offered technical assistance to the Cuban government to share our experience,” said Stefano Manservisi, director general of International Cooperation and Development of the European Commission, said at a news conference.
Manservisi - EU - Experience - Worldwide - Transformation
Manservisi said the EU had “perhaps the most significant experience worldwide in monetary transformation,” derived from the conversion of a number of European currencies to the euro.
Manservisi’s visit along with a delegation from the European Investment Bank, underscores the bloc’s commitment to strengthening engagement with Cuba even as U.S. President Donald...
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