New $100 Bill Decrypted – Nuclear Devastation
[The Economist] ”ONE country, two currencies” is one of Cuba’s more peculiar idiosyncrasies. The Cuban peso (CUP) and the Cuban convertible peso (CUC) are both legal tender on the island, though neither is exchangeable in foreign markets. The CUC is pegged to the dollar and worth 25 times as much as the CUP. But whereas most Cubans are paid in CUP, nearly all consumer goods are priced in CUC. The system, which highlights divisions between those with access to hard currency and those without, has proved unpopular. On October 22nd state media published an official announcement that it is finally going to be scrapped. Cuba’s Council of Ministers, it said, had approved a timetable for implementing “measures that will lead to monetary and exchange unification”.
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