GLOBAL ECONOMY

Chief of Cuba's central bank announces details of currency unification

FILE - In this Aug. 30, 2013 file photo, a food vendor spreads out convertible pesos, known as CUCs, the two bills on the right, and regular Cuban pesos at her stand in a vegetable market in Havana, Cuba. Cubas central bank head released new details on Wednesday, Oct. 1, 2014 of the elimination of the special currency, CUCs, saying that the shift will require putting more Cuban pesos into circulation and issuing higher-denomination bills. Most Cubans earn and buy goods in local pesos, and the convertible peso (CUCs) are used largely in the tourism sector. (AP Photo/Ramon Espinosa, File)

FILE - In this Aug. 30, 2013 file photo, a food vendor spreads out convertible pesos, known as CUCs, the two bills on the right, and regular Cuban pesos at her stand in a vegetable market in Havana, Cuba. Cubas central bank head released new details on Wednesday, Oct. 1, 2014 of the elimination of the special currency, CUCs, saying that the shift will require putting more Cuban pesos into circulation and issuing higher-denomination bills. Most Cubans earn and buy goods in local pesos, and the convertible peso (CUCs) are used largely in the tourism sector. (AP Photo/Ramon Espinosa, File)

Cuba's central bank chief is giving new details about the elimination of a special currency, saying that the shift will require putting more pesos into circulation and issuing higher-denomination bills.

Elimination of the stronger currency is one of the toughest challenges facing Cuba's struggling socialist economy, forcing officials to eliminate a distorted double set of prices for many goods without spawning inflation.

Most Cubans earn and buy goods in local pesos. The convertible peso used largely in the tourism sector is also used by Cubans to buy goods long unavailable in local currency. The convertible peso is worth about one U.S. dollar, or 24 local pesos. The highest-denomination local bill is 100 pesos.

The state news agency reports Wednesday that Central Bank president Ernesto Medina says consumer prices won't change.

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