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July 2, 2022 5:01 pm

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What will Cuba’s new single currency mean for the island?

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The Cuban government formally ended its dual currency system on Friday, devaluing its peso for the first time since the 1959 revolution that swept the late Fidel Castro to power.

The government has set the exchange rate at 24 Cuban pesos to $1, and the convertible Cuban peso, known as the CUC, will be phased out completely by June, leaving the island with one currency for the first time in more than 20 years. Al Jazeera’s Lucia Newman reports.

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