Castro Bans Dollars

Cubans will have to do business in pesos after November 8th now that Fidel Castro has banned conducting business in U.S. dollars. The edict is expected to affect transactions from an estimated $1 billion sent to the island from remittances by Cubans in the U.S. and from tourism.

I expect an expansion of black market activities. It usually happens when the government places unreasonable restrictions on currency.