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Cuba to introduce two new banknotes honoring women to ease inflation as crises persist

HAVANA (AP) — Cubans accustomed to shopping with wads of bills stuffed into bags because of skyrocketing inflation will get some relief Wednesday when two new high-denomination banknotes go into circulation.

Cuba’s Central Bank was set to release 2,000 and 5,000 Cuban peso notes, equal to roughly $4 and $10, after they were previewed Tuesday on the government website Cubadebate.

It will be the first time the island’s paper currency features women. The 2,000 Cuban peso note in violet and pink tones will feature a portrait of Mariana Grajales, a patriot of Cuban independence and mother of several of its heroes. The 5,000 peso note in blue will depict Celia Sánchez, a guerrilla fighter who became a close collaborator of former President Fidel Castro.

The new notes will “facilitate cash transactions, respond to the real needs of an economy that demands large amounts of cash… reduce the costs of cash logistics, and improve operational efficiency during the current period of inflation,” Cubadebate said.

The highest denomination until now has been the 1,000 peso note, but rising inflation since 2001 has meant that many people are forced to carry around bills that don’t fit in their wallets.

Authorities have promoted bank deposits and transfers, but many residents still prefer cash.

Annual inflation closed last year at 14%, according to official figures. The price increases of the last five years — peaking at 77% in 2021 — combined with severe declines in gross domestic product have had a significant impact on daily life.

Cuba is experiencing a severe economic crisis resulting from the COVID-19 pandemic, the 2021 financial reform – when inflation skyrocketed – and an increase in U.S. sanctions aimed at prompting Cuba to liberalize its politics and economy.

Beijing bans 4 New Zealand lawmakers from entering China because they visited Taiwan

WELLINGTON, New Zealand (AP) — Beijing banned four New Zealand lawmakers from traveling to China for a year and demanded they apologize because they visited Taiwan on a parliamentary trip, according to a message from the Chinese embassy conveyed via parliamentary officials and shown to The Associated Press on Thursday. China has hit lawmakers from other countries with sanctions related to contact with Taiwan before, but it's the first time for New Zealand parliamentarians, the government in Wellington said. Beijing has been increasing pressure in recent years on the democratically governed island that it claims as its own territory. Two lawmakers reached by the AP on Thursday rejected the demand for an apology, while the other two could not be immediately reached. New Zealand's government said it would express concern about the travel bans to Beijing. The elected officials visited Taipei in May, as New Zealand parliamentarians have done “for decades,” a spokesperson for Foreign Minister Winston Peters said in a statement.
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