Cuba's Economic Reforms

The roller-coaster of Cuba’s dual currency system

The unification of the two currencies circulating in Cuba, announced by the government but without any clear timeframes, will put an end to two decades of a dual currency system that was introduced when the country was brought to its knees by the collapse of the Soviet Union. But experts say the inequalities that emerged during the severe economic crisis will not be resolved through mere monetary reform. The following graphic provides a timeline showing the key developments in the dual currency system and the way nominal wages, revenue, savings and liquidity have evolved.

Private Initiative Finds Garbage Profitable in Cuba

As self-employment and cooperatives expand in socialist Cuba, they are making incursions into new areas, such as waste picking and recycling – for many a means of subsistence, but for others, a gold mine.