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HAVANA — Cuba’s central bank is devaluing the country’s two types of pesos by about 8 percent in relation to the dollar and other foreign currencies, hoping the move will spur exports and local production as the government seeks to overhaul a moribund economy.
The announcement published in state newspapers Monday says the hard-currency peso used mostly by tourists and foreign companies on the island will be worth $1, down from $1.08. Each hard-currency peso is still worth 24 of the standard pesos with which most Cubans are paid.
