Cuba Decides to do Away with Dual Money by Kera Mickus

According to Patrick Oppmann's report, Cuba is deciding to do away with their "dual currency system".

What does this mean?
Well, since the collapse of the Soviet Union, Cuba has had two pesos; the Convertible Peso, which is somewhere near the US dollar, and the Cuban Peso, which is 4 cents. After the collapse, the US dollar was introduced into the Cuban Currency system, with a different facing.

Why is this such a big deal?
"The dual-currency system is unpopular with many Cubans, who complain that the Cuban pesos they received their salaries in are not accepted in stores that carry sought-after imported goods."
 - In other words, Cubans are being paid in one currency, but are being required to pay in another.

On Tuesday, the Cuban Communist Party announced the important news, and people's hopes are being raised, but no one has given a definite schedule on when the official process will occur.

"The announcement Tuesday said the Cuban central bank will continue to back both currencies and give Cubans time to convert their savings."

This is a great idea, since it will probably clear the confusion, and keep people happy. I mean, the economy seems hard enough, but trying to use the right amount of money, and the right money, seems much to complicating. I dont see why they introduced a second currency in the first place - but I guess it's good they're ending it now.

Link to Original Report:
http://www.cnn.com/2013/10/22/world/americas/cuba-single-currency/index.html?hpt=ila_c1