Kip Powick Posted October 26, 2004 Share Posted October 26, 2004 Cuba to ban use of U.S. dollar Last Updated Tue, 26 Oct 2004 07:56:31 EDT HAVANA - Cuba is moving to end circulation of the widely used U.S. dollar, a response to tighter American sanctions on the Caribbean island. A decree issued by Cuba's Central Bank says all cash purchases must be made using convertible pesos after Nov. 8. "Beginning on Nov. 8, the convertible peso will begin to circulate in substitution of the [u.S.] dollar throughout the national territory," said President Fidel Castro in a written message read by an aide. Cuba made the U.S. dollar legal tender in the communist country following the collapse of the Soviet Union in 1993. Cubans and tourists wishing to exchange American dollars will have to pay a 10 per cent commission charge. The exchange charge will not apply to other currencies, including the Canadian dollar. In his message, Castro asked Cubans to tell relatives living abroad to send them money in other foreign currencies, such as the euro. The rule, which applies to Cubans, foreign residents and tourists, comes in response to tightened U.S. sanctions. In May, Washington announced increased caps on how much money could be spent on the island or sent to Cubans from the U.S. "The empire is determined to create more difficulties for us," said Castro, referring to the U.S. Castro, who appeared on television for the announcement, had his arm in a blue sling after falling last week. The 78-year-old fractured his arm and knee after stumbling on steps following a speech at a graduation. Link to comment Share on other sites More sharing options...
W5 Posted October 26, 2004 Share Posted October 26, 2004 Let us know how this is working out on your trip Kip! Maybe we will be able to use Cdn. dollars in its place; as I cannot imagine the huge underground/secondary economy there to change over to pesos. Link to comment Share on other sites More sharing options...
Mitch Cronin Posted October 26, 2004 Share Posted October 26, 2004 "The Empire"... I like that... it fits ...in a few ways... Link to comment Share on other sites More sharing options...
Flapsforty Posted October 26, 2004 Share Posted October 26, 2004 It's really too bad these old stlye regimes hang on until the leader dies. I'm sure the Cubans could have a very prosporous country if they could get rid of Castro. They are so close to the rich Americans who would provide huge tourist dollars if they could go there. I'm sure they have a highly motivated work force and they could improve their lives greatly. Same goes for North Korea. Cheers. Link to comment Share on other sites More sharing options...
W5 Posted October 26, 2004 Share Posted October 26, 2004 At least it gives us a place where we don't have to worry about 'Mericans. Link to comment Share on other sites More sharing options...
Guest rattler Posted October 26, 2004 Share Posted October 26, 2004 It's really too bad these old stlye regimes hang on until the leader dies. I'm sure the Cubans could have a very prosporous country if they could get rid of Castro. They are so close to the rich Americans who would provide huge tourist dollars if they could go there. I'm sure they have a highly motivated work force and they could improve their lives greatly. Same goes for North Korea. Cheers. I guess the question of how the US would treat a Cuba not under Castro will be answered in our lifetime. For the sake of the Cubans, I hope that the US will not try to control their country as they did under Batista and of course there is always the possibility that Cuba will not want to be an alternate to Disneyland for Americans or anyone else..... Link to comment Share on other sites More sharing options...
Lakelad Posted October 26, 2004 Share Posted October 26, 2004 ....I hope that the US will not try to control their country...What!? Install a puppet regime made up of Cuban exile friendlies - nah, couldn't happen. Link to comment Share on other sites More sharing options...
Kip Powick Posted October 26, 2004 Author Share Posted October 26, 2004 Let us know how this is working out on your trip Kip! Maybe we will be able to use Cdn. dollars in its place; as I cannot imagine the huge underground/secondary economy there to change over to pesos. The normal charge per person when leaving Cuba is $25.00 USD. I have asked my TA to find out what we do now and I would assume they, (Cuba), will convert the charge to CDN and we'll have to use the "Cuba only" peso. Going to be a bind now as we always tipped in US $$ but I would assume everyone would prefer "Cuba only" pesos now. Can't see them being thrilled with CDN $$$. Just means we have to change all our CDN $$ to "Cuba only" pesos when we get there. Should be fun figuring out who gives the best rate..airport/hotel etc. The vast majority of prices in all the gift shops were US $$ as well as all the rates for diving. Interesting times..... and you are right...maybe the locals would still prefer US $$$. There should be some good tourist trip reports "on-line" before we go..... only time will tell. Link to comment Share on other sites More sharing options...
Guest rattler Posted October 26, 2004 Share Posted October 26, 2004 Take Euros...... Link to comment Share on other sites More sharing options...
manwest Posted October 26, 2004 Share Posted October 26, 2004 Take Euros...... The Euros will cost you more to buy than the USD. Link to comment Share on other sites More sharing options...
GreatSlave Posted October 26, 2004 Share Posted October 26, 2004 Kip, I'm envious as all-get-out about your impending dive trip. When we were in Cayo Coco, the dive shop would run me over to the local bank if I was running low on cash (usd). The bank was not too difficult to deal with inspite of my pisspoor spanish and I imagine the exchange rate could only be better than at the hotel. Kev Link to comment Share on other sites More sharing options...
W5 Posted October 26, 2004 Share Posted October 26, 2004 Got plenty of Euros laying around; problem is that all the smaller denominations are coins (like the Canadian dollar/the no-longer-Cdn. peso). Link to comment Share on other sites More sharing options...
Kip Powick Posted October 26, 2004 Author Share Posted October 26, 2004 Kip, I'm envious as all-get-out about your impending dive trip. Kev Don't feel bad Kev, I'll post some photos, starting right from the moment I encounter the WJA personnel, and hopefully some great underwater "beings". Not sure how close a bank will be but I am sure there will be many "reviews" posted before we go south and that should give us a good idea of what the locals want as far as money goes. Envy depends on your perspective...why don't you post some photos of those fish you catch up there? Link to comment Share on other sites More sharing options...
manwest Posted October 27, 2004 Share Posted October 27, 2004 But Loonie still welcome in Cuba....... http://www.canada.com/vancouver/theprovinc...a4-7db86a5d1630 Link to comment Share on other sites More sharing options...
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