Oct. 26, 2004
Reuters
Cuba has announced it will end circulation of the US dollar in its territory as of November 8 in response to tightened US economic sanctions.
Cubans, foreign residents and tourists will have to use locally printed convertible pesos, equal in value to the dollar, a Central Bank decree read on television said.
"As of November 8, the dollar will not be accepted in our shops, which will only accept convertible pesos," it said.
A 10 per cent commission will be charged for changing dollars into the local currency, the decree said.
The Government encouraged Cubans living abroad to send cash remittances to their relatives in Cuba in other currencies, such as the euro, the British pound, Swiss francs and Canadian dollars, to avoid exchange costs.
http://www.abc.net.au/news/newsitems/200410/s1227952.htm