Cuba

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.