Cuba to drop dual currency in its first devaluation since revolution

Topics Cuba | Currency

By Marc Frank HAVANA (Reuters) - Cuba said late on Thursday it would start its long-awaited monetary reform in January, eliminating its dual currency and labyrinthine multiple exchange rate system in a bid to improve business conditions in the crisis-stricken economy.

In a televised address to the nation, President Miguel Diaz-Canel said the Cuban peso would be left, fixed at a single exchange rate of 24 per dollar, scrapping other more favorable rates in what amounted to the first devaluation of the peso since the country's 1959.

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