Tuesday, October 22, 2013

Cuba plans to scrap two-currency system. Little details are given.

One CUC
(For sucker tourists)

One Peso
(National Currency)

Coverage in Spanish: Nota Oficial

Coverage in English: British Broadcasting Corp

JG: The official note of the Cuban government is heavily loaded with a lot of empty talk and very few details, except for the ubiquitous references to objective and subjective factors. Those two words are favorite words in Cuba's failed Marxist system.

Those who accept CUC's (Convertible Unit of Currency) I call them "the suckers," usually tourists. That invention is only worth one dollar in the fertile and imaginative minds of failed politicians inside the island.

3 comments:

Brrr said...

Jorge,

I disagree with your characterization of tourists who use CUCs as "suckers". For the visitor, what currency they use is irrelevant. In most cases, in any country, they're going to have to exchange their home currency to something else.

You'd be surprised how widespread the use of the CUC is in Cuba. Lots of places that are not geared to tourists only deal in CUC, and it's the currency Cubans would much rather have in their pockets.

Also, tourists absolutely can exchange for CUP if they want to. Depending on where you plan to visit, it's actually a good idea to have at least some CUP with you.

Cuba Journal said...

I beg to disagree with you.

You give the Cuban government one US dollar and they will give you one CUC. (SUCKER!) No one else in the world, outside of Cuba, will accept that CUC in exchange for anything that has value, Euros, British Pounds, German Marks, etc.

The CUC is a huge scam on the part of the Cuban government.

The Cuban peso is also a worthless currency. It is the currency that the government uses to pay the workforce. You can not go into a tourist hotel and pay for a room with Cuban Pesos. Those rooms are reserved for the tourist suckers, who pay with CUC's.

Cuba Journal said...

Update: The German mark does not exist anymore. They use Euros in Germany now, and they no longer use the old marks.