http://english.pravda.ru/world/20/91/368/14499_Cuba.html
Castro bans US dollar, asks for Euros
10/26/2004 19:32
Recovered from his accident, the Cuban leader announced a decree to stop the
circulation of the US national currency within the territory of the Island. He also
asked Cubans to tell relatives abroad to send euros, British sterling or Swiss francs
instead.
In a decision aimed to response to George W. Bush"s tighter sanctions, Cuba"s
President Fidel Castro announced the end of the circulation of the US dollar within
the territory of the Island acting from November 8. In an aired TV statement, which
shown Castro in public for the first time since undergoing surgery for his knee after
a fall last week, a Cuban official said all cash purchases must be made using
convertible pesos - local currency- since that date.
"Beginning on Nov. 8, the convertible peso will begin to circulate in
substitution of the [U.S.] dollar throughout the national territory," reads the
decree. However, restrictions will not extend to other foreign hard currencies as the
Euro, the British Sterling or the Swiss franc.
According to the Central Bank decision, US dollars holding will still be legal,
but using them in commercial transactions will be banned. Starting November 8, Cubans
will have to use the so-called "convertible peso," a local currency pegged in value to
equal the dollar on the island but with no value internationally.
Cuba made the U.S. dollar legal tender in the communist country following the
fall of the Soviet Union in 1993. Cubans and tourists wishing to exchange American
dollars will have to pay a 10 per cent commission charge.
The Central Bank of Cuba said the decision came as a response to an order of US
President George W. Bush to restrict the wiring of money to the Island. "It is
important to denounce the schemes of the (American) empire" against Cuba, Castro said
in televised remarks, slamming the four-decade US embargo on the island.
According to available information, Cuban relatives in the US wire to the Island
as much as $1 billion a year to aid their families.
Hernan Etchaleco
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