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One old peso is equal to one new centavo.
This is the convertible peso, commonly known as the divisa―as opposed to the regular old peso, known as moneda nacional.
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So, a new peso was a million old pesos.
The new peso is worth 100 old pesos, thus changing the parity.
In 1983, after years of inflation, the government created the new peso: each new one was worth 10,000 old pesos.
With the peso quickly losing value to inflation, a new peso was introduced in 1983 (with 10,000 old pesos exchanged for each new peso), only to be replaced by the austral in 1985, which was in turn replaced by another new peso in 1992.
In the book, due to published here by Amberley Publishing on 15 June, Sanchez, a former lieutenant-colonel, a black belt in judo and karate and a multiple national sharpshooting champion, dismisses the official Cuban media line that Castro lives on a small salary (900 old pesos a month, around £25) and shares the hardships of his people.
The Sandinistas lost the election, but during the currency reform they were allowed to exchange all their ill-gotten old pesos for new ones.
10 Old Pesos are about $1.
With the peso quickly losing value to inflation, a new peso was introduced in 1983, with 10,000 old pesos exchanged for each new peso.
Meanwhile, all Cuban state workers were still paid a pittance (less than $20-worth 20-worth in the old Cuban peso.
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