Cuban Hard Currency Devaluation To Increase Tourism and Buying Power For The Tourists!
This is going to be a great news for the tourists who are visiting Cuba. The Central Bank of Cuba has announced an 8 percent devaluation of the island’s hard currency, the Cuban Convertible Peso ( CUC ). This move will increase the buying power of tourists who're flowing daily to the Island.
The devaluation puts the CUC at 1 X 1 with the US Dollar (it had been $1.08 CUC x 1.00 USD) and also gives more buying power to the Euro and all other currencies.
In the case of US dollar only, the 10% tax imposed for exchanging U.S. dollars in cash into CUC will remain in place. But, it does not apply to credit card or wire transfers.
This decision is supposed to boost Cuba’s tourism, exports and give incentive for local production over imports.
The devaluation puts the CUC at 1 X 1 with the US Dollar (it had been $1.08 CUC x 1.00 USD) and also gives more buying power to the Euro and all other currencies.
In the case of US dollar only, the 10% tax imposed for exchanging U.S. dollars in cash into CUC will remain in place. But, it does not apply to credit card or wire transfers.
This decision is supposed to boost Cuba’s tourism, exports and give incentive for local production over imports.
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