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Economy, Currency and Banking

currency valuation, revolutionary government, Cuban peso, national currency, black market

The Cuban peso is the national currency and has an official conversion value of one peso to the U.S. dollar. The black market is a better indicator of the real value of the peso. In 1989 the black-market value was five pesos for one dollar, and in 1994 it fell to 120 pesos to one dollar. In 1997 the street market rate was 30 pesos per dollar. The Cuban National Bank, previously the North American Trust Company, was taken over by the revolutionary government in 1960. Its mission was altered in 1995 to allow it to regulate fiscal policies and currency valuation. After its legalization in 1993, the U.S. dollar became the preferred currency, and some items are bought and sold only for dollars.



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currency valuation, revolutionary government, Cuban peso, national currency, black market, pesos, legalization, fiscal policies, dollars, real value, mission, items

 
 

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