For the past 27 years, if you wanted to pay for something in Cuba, there were two different currencies you could use: the convertible peso (CUC) or the regular peso (CUP). As of this month, the CUC came out. The Cuban government wants to make things simpler and hopefully bring more foreign investment into the process.
But the shift should cause far more economic hardship for a while, particularly skyrocketing inflation. A big fear is that Cuba’s nascent private sector, or cuentapropistas, may not survive. On Monday in The Sunshine Economy, WLRN’s Tim Padgett spoke to a private entrepreneur in Cuba, Marta Deus, about his determination to stay in business.
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Here are some excerpts from their conversation:
PADGETT: Deus talked to me …
- According to this source Young Cuban entrepreneurs are determined to survive the island’s currency chaos
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