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Today in Latin American History

Cuban President Fidel Castro Banned Transactions Using the U.S. Dollar in 2004

Cuban President Fidel Castro Banned Transactions Using the U.S. Dollar in 2004

Photo: U.S. Dollar in Cuba

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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:

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