Cuba to Ban Use of Dollar

Cuba said Monday that it would end circulation of the U.S. dollar in its territory as of Nov. 8 in response to tightened U.S. economic sanctions.

Cubans, foreign residents and tourists will have to use locally printed pesos, equal in value to the dollar, the central bank said. A 10% fee will be charged for exchanging dollars.

The ban will, in effect, tax remittances from the United States -- an estimated $1 billion a year -- unless they are sent in other currencies.