14ymedio, Havana, Miriam Celaya, 27 August 2014–The information that the Central Bank of Cuba (BCC) published on August 19th in the paper edition of the newspaper Granma about “the next issuance of high denomination bank notes (100, 50 and 20 pesos, CUP) with new security measures” brings back to the forefront the issue of the dual currency and its unification, as announced by the same official press, a change which will take place in the near future.
Security measures that will begin to appear in the above currency issues starting in 2014 consist of the placement of a watermark with each patriot’s image corresponding to each denomination placed in the upper left corner of the front face of such bills. In addition, another watermark will repeat the bill’s denomination on the upper left portion of said image. Meanwhile, lesser denomination bills will continue to carry the watermark with the image of Celia Sánchez, to the right of which will be added the corresponding denomination of the bill.
Some believe that such measures respond primarily to the large amount of counterfeit currency that, according to some, is currently circulating, which should gradually start to disappear as the new notes start to replace the existing ones in circulation. However, most of the random 50 people surveyed in Havana felt that this is a preliminary step to the announced monetary unification, which may be imminent.
This second view seems to be reinforced by the fact that just two weeks before the information of the BCC, Granma had published an article that addressed the issue of the dual currency and the need to eliminate the “distortion of the economy”, especially in the government sector. Continue reading