Central Banking

Cuba introduces tax on exchanging dollars

Cuba has introduced a 10% tax on the exchange of dollars, originally intended to accompany restrictions introduced last week which outlawed the use of dollars in domestic transactions.

The ban came into effect last monday, and removes the status of legal tender which was granted to the dollar in 1993 in an attempt to attract hard currency to the island. It is claimed to be an attempt to preserve economic independence in response to the US crackdown on Cuba's access to dollars. However, many se

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