The central bank has devalued Cuba’s two types of pesos by approximately 8 percent compared to the U.S. dollar and other currencies in a bid to spur local production and exports. The Cuban government is trying to revamp the country’s declining economy, The Associated Press reports. The hard-currency peso, which is used mostly by foreign companies and tourists, is now worth $1 from $1.08. It is still worth 24 of the country’s standard peso, which is used by ordinary Cubans.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.