From the first day of 2021, Cuba will end its two-currency system, unique in the world and in use for 26 years. Although announced several years ago, but constantly postponed, the measure is meant to make the Cuban economy easier for foreign investors to understand.
Miguel Diaz-Canel, the Cuban President, believe that the conditions are in place to announce the start of this reform on January 1, 2021, with a single exchange rate of 24 Cuban pesos for one dollar.
In reality, this process, delayed for years in anticipation of the right moment, is finally beginning in the most unfavourable context in which the Cuban economy expects a contraction of 8%. The Havana government has already announced that it will significantly increase wages to offset the high inflation that is expected to occur.