US Dollar ends transactions in Cuba

US Dollar ended transactions in Cuba on Monday under an order by the authorities.

From Monday dollar transactions in stores, hotels, restaurants and other business, which have been allowed for 11 years, were replaced by Cuban convertible peso.

Cuban leader Fidel Castro Ruz ordered the end of dollar transactions on October 25, saying withdrawing the dollar from circulation was a response to "mafia-like" US policies against Cuba.

The authorities originally gave the population two weeks to change dollars for convertible pesos, but the deadline has now been extended until November 14. After the date, a 10 percent surcharge will be added to currency swaps.

Speaking Monday night during a televised roundtable discussion, Central Bank President Francisco Soberon called the elimination of the US dollar a history victory for Cuba.

"We are more independent, we are more free, we are more sovereign," Soberon said.