Several Havana residents interviewed by this journalist have many doubts about holding on to savings in CUPs because of their uncertainty as to what the fixed parity between the Cuban peso
and the convertible currency will be on Day Zero.
Cuban consumers are allowed to convert their dollars to Cuban pesos
at 90 percent of the dollar's value.
Cuba has two currencies in circulation: the Cuban peso
(CUP), and the convertible peso (CUC).
They use the Cuban peso
as currency (26 pesos to US$1).
The government of Raul Castro has done very little, until now, to eradicate the distorting effects of the parallel circulation of two national currencies--the Cuban Peso
(CUP) and Convertible Peso (CUC)--and to correct the multiple exchange rates.
The Bank 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 parity between them.
The price for using a toilet, urinal or wash-basin will be one Cuban peso
, or about 4cents.
We demand for all the nation that the Cuban peso
be an acceptable means of payment in every establishment without exception," the petition said;
Other factors dampening visitor levels include the high cost of oil, European tourists' preference for short trips, and the appreciation of Cuban peso
in 2004, which cut hotel investment.
The cuentapropistas are visible as never before, and the Cuban peso
is becoming more important in everyday transactions.
Bank offices in the country have started receiving applications for loans in Cuban pesos
Individuals can buy 24 Cuban pesos
(CUP) for each CUC sold, or sell 25 Cuban pesos
for each CUC bought; enterprises, however, must exchange CUP and CUC at a 1:1 ratio.