Weekly Report - 9 November 2004

CUBA | Breather for holders of US dollars. Though the convertible peso, known as the chavito, replaced the US dollar as legal tender on 8 November [WR-04-43], the government has delayed until 14 November the introduction of the 10% tax that will penalise future purchases of chavitos with the US currency. The tax does not apply to the euro, the Swiss franc, sterling or the Canadian dollar - which creates an incentive for Cubans abroad to make their remittances in any of these currencies. About a third of all Cubans receive remittances from their relatives abroad, mainly in the US, where recent restrictions have sharply curtailed the amounts that can legally be sent.

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