Cuban Peso devalued vs U$D

[Johnny-O!]

Hello all at CP. Found out at 9 am this morning that the Cuban Convertible Peso (aka Chavito) has been devalued against the US Dollar and now has a 1:1 ratio. This means that the traditional 20% that had been discounted from the US Dollar will not be done now. Speculation is that Cuba trying to develop the US tourist market and these are one of the conditions that were established for that to happen. Supposedly flights are in the works for other cities besides Miami for Cuban-Americans, but none are scheduled as of yet. Sticking points for US Citizens to travel is the Alan Gross and the Posada Carriles cases. Mr Gross, a US Citizen was sentenced to 15 years in Cuba for bringing in Satellite communications equipment. The crimes were "subversive activities against the Revolution". Mr Gross is also said to be a US government contractor and was an intermediary for anti-Castro groups. Posada Carriles (80+ years old, Cuban national) is on trial in the US for lying to the government about bombings in Havana (1997) and Barbados (1976). Obama wants Gross, Fidel wants Posada Carriles. Too much drama not enough theater. John

 

[Drewcali]

Hello all at CP. Found out at 9 am this morning that the Cuban Convertible Peso (aka Chavito) has been devalued against the US Dollar and now has a 1:1 ratio. This means that the traditional 20% that had been discounted from the US Dollar will not be done now. Speculation is that Cuba trying to develop the US tourist market and these are one of the conditions that were established for that to happen. Supposedly flights are in the works for other cities besides Miami for Cuban-Americans, but none are scheduled as of yet. Sticking points for US Citizens to travel is the Alan Gross and the Posada Carriles cases. Mr Gross, a US Citizen was sentenced to 15 years in Cuba for bringing in Satellite communications equipment. The crimes were "subversive activities against the Revolution". Mr Gross is also said to be a US government contractor and was an intermediary for anti-Castro groups. Posada Carriles (80+ years old, Cuban national) is on trial in the US for lying to the government about bombings in Havana (1997) and Barbados (1976). Obama wants Gross, Fidel wants Posada Carriles. Too much drama not enough theater. John

Johnny-O

That's a great bit of reporting, and big news. Thanks for the insight.

Cheers
Drew P

 

[Johnny-O!]

Seems like Fidel and the boys threw in a little confusion on the press release. As usual you have to see it personally to get the true story. Here are the results for changing $10 US:

Mda/Cur Tipo/Rate Imp/Amount
USD 0.9685 $10.00
Gravado: $1.00
Dev/Sale $9.00

Venta/Sale
CUC $8.70



John