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    What nation confiscated all individual savings of over 10,00 pesos in 1961?

    Question #70011. Asked by sküder. (Aug 23 06 10:32 PM)


    Allergic2Life

    		Cuba

    Aug 24 06, 7:07 AM
    zbeckabee

    		In August 1961, the government announced the creation of a new Cuban peso. Heads of households were allowed to exchange a maximum of 10,000 old pesos in circulation; bank deposits were automatically converted, but the remaining old pesos outside the banking system were lost. Cuba’s National Bank declared that the new official exchange rate would be one new peso per one US dollar, although the value of the peso was worth fractionally less in world capital markets (Domínguez 1978:228). Households that had been hoarding pesos outside the official banking system and those holding their savings in US dollars lost significant portions of their wealth. (Page 5)

    http://web.mit.edu/cis/www/migration/pubs/rrwp/15_remittances.doc

    Aug 24 06, 3:40 PM

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