Cuban Leader Raúl Castro Will Retire in 2018

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On Sunday, Cuban President Raúl Castro announced that he'd be stepping down after completing his second term in 2018.

Along with the news, Granma, a Communist Party newspaper, reported that the country would hold municipal elections on Oct. 22.

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It will be the first handover of power by the Castro regime since Cuba's 1959 revolution. Castro took over the presidency in 2008, following the ailment of his now deceased brother, Fidel Castro.

Despite his stepping down, Castro will remain the head of the Communist Party.