Cuba to Revaluate National Currency by 8 Percent on April 9

Cuban President Fidel Castro announced Thursday that his administration will raise the value of the convertible peso by 8 percent, compared to the U.S. dollar and other hard currencies, as early as April 9.

The revaluation of the Cuban currency will be, for the time being, of 8 percent compared to the U.S. dollar, Mr. Castro noted as he read a resolution of the Central Bank of Cuba during a special televised appearance from Havana´s International Conference Center.

All bank accounts in U.S. dollars, both the ones that already exist and new ones that could be opened from April 9 onward, won´t be subjected to the new financial action. For their parts, recipients of bank accounts in Cuban convertible pesos (CUC) would benefit from the revaluation.

President Castro explained the new monetary measure comes as an ineludible response to a multitude of factors, including the strength of the Cuban economy, a slumping greenback as stacked up against other hard currencies, like the euro, and the political recklessness of the U.S. government.

Mr. Castro also said there´ll two different fixed exchange rates for the sale and purchase of U.S. dollars on the island.

He also announced this Thursday a new exchange rate for buying or selling CUCs. Starting Friday April 1st the ratio will be 23 pesos to 1 CUC, down from a 24-1 rate, while the Cuban Central Bank will sell the CUCs at 24 pesos. It was previously sold for 25.