Cuba Considers Using Euro For Trade

Because Europe is the biggest single source of visitors, trade, and credit for Cuba, it should come as no surprise that the Castro government is hailing last month's debut of the euro, the European Union's new common currency. Francisco Sobern, president of Cuba's central bank, says using the euro would simplify the Caribbean island nation's trade and payments with Europe. But the major advantage could be that Cuba would no longer have to move in and out of third currencies in order to acquire U.S. dollars for trade, a process that Cuban officials claim cost them $260 million in exchange losses last year. Sobern wants Cuba to use the euro in trade with Europe starting in July.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish