Today in Latin American History
Cuban President Fidel Castro Banned Transactions Using the U.S. Dollar in 2004
Photo: U.S. Dollar in Cuba
Today in Latin American history, Cuban President Fidel Castro banned transactions using the U.S. Dollar in 2004.
From 1993 until 2004, the Cuban currency was split between the Cuban peso (the currency Cuban citizens are paid in and used for staples and non-luxury items) and the U.S. dollar in combination with the convertible peso, which was used for tourism and for luxury items.
In 1993, during the period of economic austerity known as the Special Period, the US dollar was made legal tender to encourage hard currency to enter the economy.
On November 8, 2004, the Cuban government withdrew the US dollar from circulation, citing the need to retaliate against further US sanctions.
Other events that occurred on this day:
- Today in LatAm history, Argentine poet Alfonsina Storni who was one of the most important poets in LatAm died in 1938
- Today in LatAm history, former President of Uruguay Jorge Batlle Ibáñez who was in office 2000-05 was born in 1927
- Today in LatAm history, Brazilian jazz guitarist Roberto Menescal who was key to founding Bossa Nova was born in 1937
- Today in LatAm history, Adlai Stevenson showed photos at the U.N. proving Soviet missiles are installed in Cuba in 1962
- Today in LatAm history, Brazilian journalist & activist Vladimir Herzog died while in police custody in 1975