Cuba tries letting islanders use peso-account debit cards to shop in pricier dollar stores

Cuba has begun an experimental program letting islanders use debit cards for their peso bank accounts to shop in so-called dollar stores—the Associated Press reports.

The measure has not been announced, but the program is being tried out at a state supermarket in Havana that also sells household appliances.

Cuba has a unique dual-currency system. Most salaries are paid in pesos, worth about 24 to the U.S. dollar.

A separate convertible peso trades at par with the dollar and is used in the dollar stores. To shop at the stores, Cubans have had to convert their pesos at exchange houses.

Cubans have long chafed at the system. President Raul Castro’s government has talked about unifying the two currencies, but it is unclear whether the debit-card measure is a step in that direction.

For the original report go to http://www.washingtonpost.com/business/cuba-tries-letting-islanders-use-peso-account-debit-cards-to-shop-in-pricier-dollar-stores/2012/09/05/a9c28dba-f7a7-11e1-a93b-7185e3f88849_story.html

One thought on “Cuba tries letting islanders use peso-account debit cards to shop in pricier dollar stores

  1. DEBEMOS ESTAR PROFUNDAMENTE AGRADECIDOS AL PUEBLO CUBANO POR SERVIRNOS DE EJEMPLO FINANCIERO VIVIENTE DE LO QUE GABO LLAMO EL “REALISMO MAGICO.” EL VERDADERO VALOR FINANCIERO DE LA NACION CUBANA ESTA EN HABER MANTENIDO SU DIGNIDAD HASTA LA FECHA COMO UNA REPUBLICA COMUNISTA QUE DESFORTUNADAMENTE LOS PRESENTES DIRIGENTES DE LA NACION EN ESTOS TIEMPOS TAN AZIAGOS PARA EL FUTURO ECONOMICO CUBANO NO ESTAN APTOS PARA ENFRENTARLOS PUES DEPENDEN, COMO TODOS

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s