Cuba has offered a different kind of liquid asset to the Czech Republic, suggesting that its famous rum serves as a means of paying back debt.
The Caribbean communist country owes the Czech Republic approximately $270 million, which dates back to the latter's position as part of the eastern European Soviet bloc.
Katerina Vaidisova, of the Czech finance ministry's PR department, told CNBC via e-mail that Cuba had suggested a range of commodities that it could supply as part of the repayment, which included "drugs and several brands of rum." Vaidisova added that her party "believes that at least part of the debt should be dealt in cash."
Negotiations on the debt are in early stages with the first meeting was held in late 2015, Vaidisova detailed. Ideas on solving the problem are still being presented, including the question of quantifying the debt, "part of which is still held in non-convertible currency," she explained.
Cuba has a dual currency system in which Cuban pesos (CUP) are used by locals, alongside the Cuban convertible peso (CUC) which is pegged 1:1 to the U.S. dollar and used by tourists. CUCs are worth more than 25 times their cheaper counterpart. Neither currency is available outside of Cuba.
This is not the first time the Czech Republic has been offered an unusual form of debt repayment. In 2010, North Korea suggested ginseng to their central European creditors as a means of paying back debt.
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