Download Michelle

Michelle J. Price
Refugees escaping Cuba
Elian Gonzales
Street Musicians
Convertible Peso
US Dollar
Traditional Peso
Euro
• Government Owned
• Havana, Cuba
• Prints both traditional and
convertible pesos
• Reorganized May 1997
http://www.bc.gov.cu/English/home.asp
• Diplotiendas/Dollar Stores
• Black Market
Cuba's GDP Per Capita
3.3 4.3
0
-10
Year
GDP Growth
10
6.6
8.1
3.8
1.4 2.8
0.3 1.2 -0.2
-4
-4.8
6.4 4.9
2.9
2.1
0.8
-14.7 -16.5
-20
-25.7
-30
1982
1989
Year
1994
Cuba's GDP Per Capita
2001
Dictator for over 40 years
Minister of Industry
US imposes trade
embargo: Cuba’s quest
to support their own
economy begins.
1965 Guevara leaves
Cuba. Economy, on verge
of collapse, returned to
sugar industry.
1960
1994 Convertible
peso introduced.
2004
Cuban gov’t
nationalized agriculture
and industry and
expropriated US
businesses w/o
compensation.
1988 Soviet
Union stops
trading with
Cuba.
1993 US dollar
legalized
Effective 27/10/2004
British Pound
GBP
1.8376
Canadian Dollar
CAD
0.8167
Swiss Franc
CHF
0.8341
Yapanese Yen
JPY
0.9365
USA Dollar
USD
1.0000
Mexican Peso
MXP
0.0825
Danish Krone
DKK
0.1720
Norway Krone
NOK
0.1551
Euro
EUR
1.2786
Australian Dollar AUD
0.7455
“Convertible”
1.0000
Cuban Peso
CUC
Giving value to the convertible peso
• Can “trade in” convertible
pesos for dollars, etc.
• Could save/invest
convertible pesos
• 10% Tax on dollar purchases
November 8, 2004
Strengthening the convertible peso or weakening the economy?