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4 Min Read HAVANA (Reuters) - Cuba said late on Thursday it would scrap its dual currency and labyrinthine multiple exchange rate system in January, effectively devaluing the peso heavily to administer bitter medicine for its crisis stricken economy. FILE PHOTO: A farmer holds a wad of Cuban money at a vegetable stall at a market in Sagua La Grande, in the province of Villaclara in central Cuba, around 240 km (149 miles) east of Havana October 12, 2013. REUTERS/Desmond Boylan Announcing the long-awaited monetary reform in a televised address to the nation, President Miguel Diaz-Canel said the Cuban peso would be fixed at a single exchange rate of 24 per dollar, while eliminating other more favorable rates.

Ciudad de la habanaMarc frankRaul castroJacqueline wongChristopher cushing simon cameron mooreMiguel diaz canelNelson acostaThomson reuters trust principlesCuban communist partyPresident miguel diaz canelSoviet unionAdditional reportingSarah marshChristopher cushingThomson reuters trustயடட டி லா ஹபனா