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thought you would be interested in the following article published at the Havana Journal: The Cuban Economy by Mises Institute by Christina D. McIntosh and Grant M. Nülle | Mises Institute “The destiny of this country was decided long ago and nothing and no one can intimidate or threaten us.”  Fidel Castro’ remarks last year leave little doubt that he is willing to go any length to preserve the socialist ideology of Cuba’s 1959 revolution. The latest evidence of Castro’s firm approach to maintaining the island’s revolutionary credo was evident in his Oct. 25, 2004 announcement that officially proscribed circulation of the U.S. dollar on the island. As of Nov. 8, 2004 only “convertible pesos,” equal in value to the dollar by fiat, would be accepted. Additionally, a 10% fee would apply for converting dollars into the local currency after that date. Although the Cuban decree bars use of the greenback in the Cuban economy, it does not re-criminalize possession of dollars, as was the case just over a decade ago. In fact, existing dollar bank accounts are “fully guaranteed” and their funds can be withdrawn in the form of greenbacks or the local currency at any date without charge. However, new accounts opened in dollars are assessed the commission if the funds are withdrawn as convertible pesos.  Moreover, foreign companies operating in Cuba and Cuban state enterprises are no longer be permitted to make dollar bank deposits in cash and must instead use the convertible peso to conduct business. The government also announced that Cuban state companies would have to sell the central bank any hard currency received from exports or domestic sales. Read the rest: http://havanajournal.com/business/entry/the_cuban_economy_by_mises_institute/