Cuban President Fidel Castro has announced an eight percent revaluation of one of two currencies accepted on the island nation.

In a televised speech late Thursday, Mr. Castro announced the convertible peso would be re-valued against the U.S. dollar and other foreign currencies effective April 9.

Last November, the island officially ended circulation of the U.S. dollar. It was replaced in the Cuban economy by the convertible peso, which had a face value equal to the dollar, but no value internationally.

One week ago, Cuba's Central Bank announced it had increased the value of the country's other national currency, the peso, by seven percent against the convertible peso and the dollar.

Economists say the adjustments to the national currency reflect Mr. Castro's increased optimism about Cuba's economy and an effort to end the nation's dependence on the dollar.

Some information for this report provided by AFP and Reuters.