Finance

Cuba to remove tax on dollars if U.S. currency measures are for real

U.S. 100 dollar notes are seen at a bank in this picture illustration in Seoul September 20, 2011. REUTERS/Lee Jae-Won/FilesThomson ReutersU.S. 100 dollar notes are seen at a bank in this picture illustration in Seoul

HAVANA (Reuters) – Cuba plans to remove a tax on dollars after Washington relaxed currency restrictions against the Communist-run island, but only when the government is sure the U.S. measures really make transactions easier, Cuba’s foreign minister said on Thursday.

Foreign Minister Bruno Rodriguez announced the measures three days before U.S. President Barack Obama was due to visit Cuba.

Earlier this week, the White House chipped away at a 54-year-old embargo by relaxing trade and tourism restrictions. It said it would allow U.S. banks to process dollar transactions for Cuba as long as neither buyer nor seller are U.S. entities.

(Reporting by Marc Frank; Editing by Leslie Adler)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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