Cuba rebanning USD: Opinions?

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oddbits
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Cuba rebanning USD: Opinions?

Post by oddbits » Sun Sep 24, 2006 12:18 am

I spent time visiting and doing some work in Havana, Cuba during the late 90s. During that time the country had two currencies; the Cuban Peso, usable by cubans only, and the US Dollar, usable by foreigners and Cubans. Now, the government has banned the USD and switched to "convertable pesos." I was wondering if anyone has been to Cuba recently or is there now and has an opinion on how this is working....

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appleton
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RE: Cuba rebanning USD: Opinions?

Post by appleton » Sun Sep 24, 2006 6:50 pm

Does not sound too smart to me. Never been to Cuba neither do I know much about it so... I am a bit clueless here :?
"Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back" - John Maynard Keynes

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DodgeFB
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RE: Cuba rebanning USD: Opinions?

Post by DodgeFB » Sun Sep 24, 2006 7:32 pm

[quote=matt]
Does not sound too smart to me. Never been to Cuba neither do I know much about it so... I am a bit clueless here :?
[/quote]

We are no longer allowed to travel to Cuba. Some do but can get in some trouble. :(
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appleton
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Post by appleton » Sun Sep 24, 2006 8:59 pm

Is that really true?

So much for freedom, heh?
"Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back" - John Maynard Keynes

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DodgeFB
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RE: Cuba rebanning USD: Opinions?

Post by DodgeFB » Mon Sep 25, 2006 3:31 am

Learn

The U.S. ban on travel to Cuba devastates local families

Kathy Johnston, Granma Internationl
Thursday, Apr 20, 2006
A rare visit to SLO next week by a musician from Cuba brings into the spotlight the U.S. ban on travel to and from our Caribbean neighbor. It's a prohibition that hits especially close to home for two prominent local Cuban-Americans who aren't allowed to go back to see their families. Delvis Fernandez, the founder and president of the national Cuban American Alliance Education Fund, would like to take his blind 88-year-old mother Sara to Cuba to visit with her diabetic 86-year-old sister, whose leg was recently amputated. But their proposed trip is illegal under the U.S.

Administration's tightening regulations.

http://www.cubacentral.com/todaysnewsdetail.cfm?ID=1499
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"You can judge the heart of a man by his treatment of animals." - Immanuel Kant

jafar00
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RE: Cuba rebanning USD: Opinions?

Post by jafar00 » Tue Jan 09, 2007 4:16 pm

The US$ isn't worth a lot these days and especially since last October is continuing to lose it's value at a rapid pace. Cuba is just following the example of most Asian and Middle East investment banks in getting rid of their US$ holdings I guess.
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RE: Cuba rebanning USD: Opinions?

Post by Lad » Tue Jan 09, 2007 4:26 pm

It's "2 for 1" for the UK. The pound is nearly worth two dollars.
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Romulus111VADT
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RE: Cuba rebanning USD: Opinions?

Post by Romulus111VADT » Tue Jan 09, 2007 5:39 pm

[quote=jafar00]
The US$ isn't worth a lot these days and especially since last October is continuing to lose it's value at a rapid pace. Cuba is just following the example of most Asian and Middle East investment banks in getting rid of their US$ holdings I guess.
[/quote]

Oh really-

Currency In US Dollar Per US Dollar
Argentine Peso 0.32468 3.08000
Australian Dollar 0.77936 1.28310
Brazilian Real 0.46588 2.14650
British Pound 1.94024 0.51540
Canadian Dollar 0.84969 1.17690
Chinese Yuan 0.12814 7.80400
Euro 1.30073 0.76880
Hong Kong Dollar 0.12825 7.79750
Indian Rupee 0.02254 44.36100
Japanese Yen 0.00839 119.25000
South Korean Won 0.00107 938.49999
Mexican Peso 0.09074 11.02110
Russian Rouble 0.03776 26.48000
Swedish Krona 0.14244 7.02070
Swiss Franc 0.80587 1.24090
Page generated 1/9/2007 12:34 PM Eastern Time

Normally countries stop using the US Dollar because it costs them more in their own national currency. The British pound is one of the only currencies that normally is worth more the the US Dollar.

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appleton
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RE: Cuba rebanning USD: Opinions?

Post by appleton » Tue Jan 09, 2007 6:07 pm

Well, Nice to see the Euro isn't doing too badly though ;)
"Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back" - John Maynard Keynes

Romulus111VADT
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RE: Cuba rebanning USD: Opinions?

Post by Romulus111VADT » Tue Jan 09, 2007 6:16 pm

[quote=matt]
Well, Nice to see the Euro isn't doing too badly though ;)
[/quote]

Yep, the British pound and Euro normally are ahead of the US dollar.

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