Why does Cuba have a currency if its a communist system?

Answer 1

Even communist countries must have currency to keep their in country economy viable and to purchase goods on the world market. Cuba also has an underground economy where American dollars are circulated by Cuban citizens to purchase foodstuffs and other goods. These dollars are supplied by transplanted Cubans in America.

Answer 2

just because Cuba is a communist system, that does not mean they don't have a currency. Cuba has to import or export right? if they don't have a currency, then how would they come up with the exchange rate of their own money in terms of the currencies of the countries they import from?
example, if they import from the US, they would have to decide how much of their own currency is equivalent to US$1

Answer 3

Simply they are still a country and since they aren't really in alliance with other Caribbean countries e.g CARICOM they need their own currency. In Cuba their currency actually has a higher value than the USDollars. They have the Convertable Peso which is almost equilvilent to the USdollars and the plain Peso which is 1/24 of the Peso Convertable. Understand?

Answer 4

The Cuban government describe their system as socialist.

I think it is true to say that ALL "communist" systems have used currencies - Russia always had roubles, China has its currency.

The Cuban system allows for the ownership of private possessions.

PS although it WAS illegal for Cubans to have US currency - that stopped in the early 90s, and since then it has been legal.

Answer 5

Yes. for tourists it is the Convertible Peso. You can buy them at the airport upon arrival, at your resort or a bank. They have no value outside Cuba. Cubans use their own Peso.

Answer 6

They have currency so that people can buy things.