Weekly Report - 2 November 2004

CUBA | Ditching the dollar. President Fidel Castro announced last week that the US dollar will be replaced on the domestic market by the convertible peso introduced in the 1990s. He said this was a response to US 'pressure' to prevent Cuba from depositing funds in foreign banks. The US government had imposed a US$100m fine on the Union of Swiss Banks (UBS) for having breached US sanctions against Cuba (as well as Libya and Iran) by sending dollars to them. It has also said that it may take action against an electronic money transfer firm, Sercuba, which allows Cuban expatriates to triangulate remittances to their relatives through third countries.

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