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Economy & Business - March 2011 (ISSN 1741-7430)

CUBA: Devaluing

On 14 March the Cuban central bank announced an 8% devaluation in the convertible peso, taking it back to 1:1 parity with the US dollar. The change is unlikely to have meaningful economic effects, but it is a sign that the government realises that in the short term at least its reforms are likely to create more losers than winners.

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