CUBA NEWS
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Dollar ceases to be legal currency in
Cuba
HAVANA, 8 (AFX) - The US dollar today ceased
to be legal currency in Cuba under an order
made by communist leader Fidel Castro that
he said was to counter US attempts to stifle
the island's economy.
From today, dollar transactions in stores,
hotels, restaurants and other businesses,
that have been allowed for the past 11 years,
were replaced by the government's 'convertible
peso'.
Cubans have been queuing at special exchange
counters to swap dollars for the convertible
currency which will be worth one dollar
in Cuba but have no value on world markets.
Until Castro made his decree last month,
Cubans had hoarded dollars to be able to
buy products -- including some essentials
-- in dollar stores.
Castro's move came as a new jolt to the
population which has seen the economy steadily
deteriorate in recent years because of the
US embargo and the loss of European communist
allies.
Castro legalised the dollar in Cuba in
1993 in a bid to boost the economy after
the collapse of the communist bloc. A US
trade and political embargo has been in
place for 42 years.
Vietnam Northern Food Corp To Ship Rice,
Coffee To Cuba
HANOI, Nov 8 Asia Pulse - The Vietnam Northern
Food Corporation (VINAFOOD 1) will ship
200,000 tonnes of rice and 6,000 tonnes
of coffee to Cuba in 2005.
VINAFOOD 1 Deputy General Director Luong
The Phiet signed documents to this effect
with Director of the Cuban Farm Produce
Import Company ALIMPORT Pedro Alvarez in
Havana on Thursday.
Alvarez was impressed with the quality
of Vietnam's rice and expressed his belief
that Vietnam, particularly VINAFOOD 1, would
meet Cuba's rice quality standard.
He praised the participation of the 10
Vietnamese enterprises in the Havana International
Fair 2004 (FIHAV-2004) and said that economic,
trade and investment relations between the
two countries would fruitfully develop.
Phiet said that many companies from the
US, Canada, Venezuela and Argentina have
praised products of VINAFOOD 1, thus opening
up opportunities for the corporation to
expand its outlets to Latin American countries.
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