HAVANA: Cuba will unify its two currencies, the Cuban peso and convertible peso, as of January 1, ending a unique system that has existed for nearly three decades, President Miguel Diaz-Canel said Thursday.

"We consider the conditions met to announce the start of this reform beginning January 1, 2021, with a single exchange rate of 24 Cuban pesos for one dollar," Diaz-Canel said on television, alongside Raul Castro, the country's former president and Communist Party leader.