Cuban currency revalued
Havana: Cuban President Fidel Castro has announced a seven per cent revaluation of Cuba's national currency late on Thursday, in a move reassert greater control over its economy.

The move comes four months after Cuba eliminated from circulation the American dollar, which was used as legal tender for many goods and services for more than a decade.

The communist-run island now uses two currencies: the regular Cuban peso, which was the one revaluated, and the convertible Cuban peso, which trades at one-one to the US dollar.

Castro said that starting on Friday, the convertible Cuban peso will now be worth 25 ordinary Cuban pesos at purchase, down from 27. The move appeared aimed at slowly eliminating one of the two currencies now in circulation. Castro said the decision was based on improved trade relations with Venezuela and China and the recent discovery of oil deposits off the island's coast.
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