Namibia Daily News🇨🇺
Cuba issues new high-denomination banknotes
Inflation
HAVANA, Sept. 17 — The Central Bank of Cuba said Wednesday it had put new 10,000- and 20,000-peso banknotes into circulation as part of measures to facilitate cash transactions and adapt currency denominations to current economic conditions. Juana Lilia Delgado, president of the central bank, said on the TV program Mesa Redonda that the new notes complete the adjustment of the country’s currency denominations. Delgado said the update is aimed at adapting existing denominations to the economic situation, particularly price levels and the needs of cash circulation. The measures are part of a gradual process to modernize Cuba’s banking system, expand its capacity, incorporate new actors and technologies and diversify financial services, she said. The new 10,000-peso note features Haydee Santamaria, a historical figure of the Cuban Revolution, while the 20,000-peso note features Vilma Espin, who was also linked to the revolutionary process. In April, when new 2,000- and 5,000-peso notes began circulating, the central bank said the issuance was intended to facilitate cash transactions, respond to the economy’s need for larger amounts of cash, reduce cash logistics costs and improve operational efficiency amid inflation.
Cuba
