In a press release published on Monday by Cuban
media outlets, the Central Bank announced that it decided to
re-establish the parity between the CUC and the US dollar, which
was altered in 2005.
The text points out that that the dynamics of the national
economy during the following years, aggravated by the losses and
damages caused by three hurricanes in 2008, and the effects of
the current international economic crisis, led the Cuban Central
Bank to question the convenience of maintaining an exchange rate
that is not in line with the country’s current economic needs.
The communiqué explains that, however, a 10% tax will remain in
place for those who buy CUCs with US cash dollars as
compensation for the costs and risks that it entails for Cuba
the use of the latter due to Washington’s almost 50-year-old
irrational and unjust economic, financial and commercial
blockade of the Caribbean nation.
The note adds that each hard-currency peso is still worth 24 of
the standard pesos and that the new measure does not affect the
official exchange rate between the Cuban peso and the CUC used
in the domestic state sector, which establishes a parity between
The Central Bank says the move should stimulate exports and the
substitution of imports.