Cuba to unify both the currencies as of January 1

Cuban Convertible Peso notes and coins used by tourists

Cuban President Miguel Diaz-Canel announced that his country would unify its two currencies, the Cuban peso, and convertible peso, as of January 1, the state-run TV reported on Thursday.

Cuba will do away with the convertible peso to end its dual currency, which has been in place for almost 30-years, and have a single exchange rate of 24 Cuban pesos for one U.S. dollar, confirmed the president.

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