This country devalues its national currency

13:06 - 11.09.2020

September 11, Fineko/abc.az. Cuba is devaluing its national currency.

ABC.AZ reports that the devaluation will occur in this country for the first time since 1959.

The exchange rate of the Cuban peso is regulated by the government.

Currently, one US dollar costs 24 pesos. The reduction in the exchange rate to the US dollar, euro, and other foreign currencies is envisaged.

The move to devaluation was made due to economic difficulties and US sanctions against the background of the pandemic.

 

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