Cuba confirms elimination of hard currency CUC

havana-live-CUC_AFPThe Cuban Convertible Peso (CUC) will be eliminated in the process to reestablish a one-currency system on the island, confirmed VP Marino Murillo, during a plenary session of the Cuban Parliament on Friday. The hard currency CUC, pegged to the US dollar, joined the regular Cuban peso (CUP) in the harsh post-Soviet years of the 1990s, as a second island currency. Returning to a one-currency system is now seen by Cuban president Raul Castro and most economists as necessary.
The monetary unification plan, announced last October, will bring the CUC out of circulation, said Murillo. He added that there would be guarantees for those who have funds and bank accounts in CUC.