One characteristic feature of the Cuban economy has been the coexistence of two currencies: the Cuban peso (CUP) and the Cuban convertible peso (CUC). Both means of payment had their specific area of use: there was one market for the Cuban peso and another for the convertible peso. The Cuban
According to a press release dated 24 November 2020, the new Saudi Central Bank Law changes the name of the Saudi Arabian Monetary Authority to the Saudi Central Bank which will continue to use the acronym “SAMA” due to its historic significance and relevance locally and globally. The banknotes and
According to a press release dated 3 November 2020, the Monetary Authority of Singapore plans to discontinue the issuance of 1,000-dollar notes from 1 January 2021 as a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes. Existing notes in circulation will
According to a press release dated 4 June 2020, the Banco Central de Costa Rica is withdrawing 50-colon notes (B563a) from circulation, though they remains legal tender. The news comes two years after the bank stopped issuing the denomination due to lack of demand for such a high-value note.
According to a United States Department of State press statement dated 29 May 2020, “The United States commends the Government of the Republic of Malta’s announcement May 26 of its seizure of $1.1 billion of counterfeit Libyan currency printed by Joint Stock Company Goznak—a Russian state-owned company—and ordered by an
The Moneyness blog has an interesting article explaining Yemen’s dual currency system. Courtesy of Sam Dalton.
Courtesy of Heinrich Lindner.
According to a press release dated 1 May 2020, “The Directors of the Bank of Canada, appointed under Section 9 of the Bank of Canada Act, today announced that they have appointed Tiff Macklem as Governor of the Bank of Canada for a seven-year term, effective 3 June 2020. Mr.