michelle j. price. elian gonzalesrefugees escaping cuba
TRANSCRIPT
Michelle J. Price
Elian GonzalesRefugees escaping Cuba
Street Musicians
Convertible Peso
Traditional Peso
US Dollar
Euro
• Government Owned
• Havana, Cuba
• Prints both traditional and convertible pesos
• Reorganized May 1997
http://www.bc.gov.cu/English/home.asp
• Diplotiendas/Dollar Stores
• Black Market
Cuba's GDP Per Capita
3.3 4.36.6
3.80.3
-4.8
1.2 -0.2-4
-14.7
-25.7
-16.5
1.4 2.88.1
2.9 0.8
6.44.92.1
-30
-20
-10
0
10
Yea
r
Year
GD
P G
row
th
Cuba's GDP Per Capita
1982 20011989 1994
Dictator for over 40 years Minister of Industry
1960 2004
US imposes trade embargo: Cuba’s quest
to support their own economy begins.
Cuban gov’t nationalized agriculture
and industry and expropriated US businesses w/o compensation.
1994 Convertible peso introduced.
1965 Guevara leaves Cuba. Economy, on verge
of collapse, returned to sugar industry.
1988 Soviet Union stops trading with
Cuba.
1993 US dollar legalized
Effective 27/10/2004
British Pound GBP 1.8376
Canadian Dollar CAD 0.8167
Swiss Franc CHF 0.8341
Yapanese Yen JPY 0.9365
USA Dollar USD 1.0000
Mexican Peso MXP 0.0825
Danish Krone DKK 0.1720
Norway Krone NOK 0.1551
Euro EUR 1.2786
Australian Dollar AUD 0.7455
“Convertible” CUC 1.0000
Cuban Peso
• Can “trade in” convertible pesos for dollars, etc.
• Could save/invest convertible pesos
• 10% Tax on dollar purchases
Giving value to the convertible peso
Strengthening the convertible peso or weakening the economy?
November 8, 2004