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Dismissing immediate reassessment of the Cuban peso
What was the main cause for such hurry? The a priori beliefs, feelings and the partial interpretation of reality or any other speculative consideration, stated an AIN publishing house (Agency of National Information) referring to the unusual people's attendance to CADECAS Exchangeable Offices.

The appreciation of the Cuban peso (national currency) before the convertible peso (CUC of domestic convertibility to $1,08 or 24 Cuban national pesos) is one of the possibilities opened up from July 2007, when the provisional president at that time, Raul Castro announced changes even "structural changes" in the economy.
However, after being elected president last February 24, when his brother Fidel Castro declined the reelection due to his physical incapacity, Raul Castro warned that he studies a progressive, gradual and cautious reassessment of the Cuban peso. At the same time, we get inside the fact of managing the double currency in the economy".

The proposal provoked an obsession to exchange currency within the Cuban population encouraged also by some versions of the coming governmental measures that release the entrance to tourist facilities as well as the sale of electrical appliances and computers.
The great majority of the Cuban people is formed by state employees earning salaries in Cuban pesos (408 pesos is the average salary which is equivalent to 17 CUC) and they get the subsidized family shopping basket that in spite of being insufficient it is essential at the same time.

Services like rents, water, electricity and telephone are also paid in Cuban pesos.
The rest of their needs are to be satisfied in the agricultural market-supply and demand or in shops in CUC exchangeable currency. The CUC is obtained at the CADECAS exchange offices or they are sent from abroad, from tourist tips or due to prizes with estate stimulus.

"The exchange value of the currency can not remain separated from the availability of goods to meet the solvent demand of buyers that depends on the amount of money they have to acquire the products on sale" explained the text from.

(AIN)


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