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HAVANA (AP) - President Fidel Castro late Thursday announced a 7 percent revaluation of Cuba's national currency, giving Cubans slightly more buying power as the communist-run island moves to reassert greater control over its economy.
The move comes four months after Cuba eliminated from circulation the U.S. dollar, which was used as legal tender for many goods and services for more than a decade.
Cuba now uses two currencies: the regular Cuban peso, which was the one revalued, and the convertible Cuban peso, which trades at 1-1 to the dollar.
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