Cuba's new convertible currency introduced

The Cuban Convertible Peso, CUC, or "chavitos" as they have become known locally came into circulation on Monday 8 November, substituting the widely circulated US dollar, with the central bank saying the move would help the Cuban currency hold its value.

"Circulation of the US dollar was hampering assessment and regulation of liquidity in the country," Central Bank Vice President Rene Lazo told the Trabajadores weekly.

The bank can now "play a greater role in order to maintain an appropriate b

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