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From the 8 November the dollar will no longer be a valid currency in Cuba. Residents have until then to exchange their dollars for Pesos convertibles. There will be no penalty for owning dollars like there has been in the past.
"the population can maintain, without restrictions of no type, any amount of dollars or another freely convertible currency" However people who want to exchange dollars for PC's will pay a fine of 10%
Castro asked the Cubans that live on the outside to send money to their relatives in Cuba in other currencies, such as euro, the British pound, frank Swiss and Canadian dollars to avoid this fine.
smiley wrote:A number of countries have abandoned the dollar recently (Iran, Turkey , Russia, Cuba). Considering that about half the printed dollar bills are floating around in foreign countries as a reserve currency this represents a significant move. If all those bills make their way back to the US it will lead to a tremendous depreciation of the dollar.
?I never knew that Russia and Turkey had abondend the dollar. When did that happen
Euro catches on in Russia
Russians are buying more euros than dollars for the first time since the new European currency became available, according to the central bank.
The swing may signal the weakening grip in Russia of the US currency which has dominated the economy here for most of the past decade.
It comes after a 15% fall of the dollar against the euro this year.
The dollar has been falling lately for these four reasons:
Large and growing current account deficit
Fed officials talking down the dollar
Spiraling oil costs hurting growth
Low interest rates / unattractive yields
.Just came across this article - looks like the Chinese have just cut a large portion of their U.S. Treasuries
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