Daily Archive: September 10, 2020

U.S. financial regulator reports climate change a systemic threat

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Cuba plans first official peso devaluation since 1959 revolution, sources say By Reuters

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© Reuters. People walk on the street near an image of former Cuban President Raul Castro in Havana, Cuba

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By Marc Frank

HAVANA (Reuters) – Communist-run Cuba will soon devalue the peso’s one-to-one exchange rate with the U.S. dollar for the first time since the 1959 revolution, according to three sources who requested anonymity due to the sensitivity of the subject.

As part of the reforms, due before the end of this year, authorities will also unify Cuba’s two domestic currencies, according to two Cuban sources and a foreign businessman, all with some knowledge of the plan.

The peso will be kept and the convertible peso, which is fixed on par with the dollar for state business but exchanged with the public at 24 pesos to buy and 25 pesos to sell, will be eliminated, the sources said.

Cuba’s government has said it will respect the peso’s current

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