President Raul Castro has announced that Cuba will no longer use the two currency financial system. Since 1994, Cuba has had two currencies-one the Cuban pesos (CUP) with which a majority of Cubans are paid, and the other, the Cuban Convertible Peso (CUC). The government plans to unify its two-currency system. Combining the two currencies is expected to raise pay for local workers and eliminate a major hurdle for importers and exporters. Neither currency has value outside the island but within Cuba, the CUC is pegged to the U.S. dollar and has 25 times the value of the CUP in stores selling imported goods and even basic necessities that are otherwise in short supply. The U.S. tried to invade Cuba from Florida multiple times, but in 1848, they gave up and offered Spain $100 million dollars for it, but the offer was rejected.
Cuba, officially the Republic of Cuba, is an island country in the Caribbean.
CUBA -A COUNTRY WITH TWO CURRENCIES?
