Cuban Convertible Peso

Cuban Convertible Peso

The convertible peso (sometimes given as CUC$ and informally called a cuc or a chavito) is one of two official currencies in Cuba, the other being the Cuban peso. It has been in limited use since 1994, when its value was pegged 1:1 to the United States dollar. On 8 November 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets and left the convertible peso as the only currency in circulation in many Cuban businesses. Officially exchangeable only within the country, its value was increased to US$1.08 in April 2005, but reverted to US$1.00 on 15 March 2011. The convertible peso is, by the pegged rate, the twelfth-highest-valued currency unit in the world and the highest-valued "peso" unit. On 22 October 2013, it was announced that the currency is to be scrapped, with it being gradually unified with the lower-value Cuban peso, though as of August 2018, that unification has not been achieved, nor has any target date been officially announced.

US Dollar

US Dollar

The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its territories per the United States Constitution since 1792. For most practical purposes, it is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting purposes. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars (12 U.S.C. § 418). Since the suspension in 1971 of convertibility of paper U.S. currency into any precious metal, the U.S. dollar is, de facto, fiat money. As it is the most used in international transactions, the U.S. dollar is the world's primary reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or also accept U.S. dollar coins (such as the Sacagawea or presidential dollar). As of June 27, 2018, there are approximately $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes (the remaining $50 billion is in the form of coins).

1 Cuban Convertible Peso to US Dollar exchange rates chart

1 CUC to USD exchange rates graph
1 CUC to USD Spot rate – This is known more formally as the ‘interbank’ rate. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. In the business, this is sometimes referred to as a ‘spot rate’. It is not the tourist rate and you cannot buy currency at this rate, as you are buying relatively small amounts of foreign currency. In everyday life it is the same as the difference between wholesale and retail prices. The rates shown in financial newspapers and in broadcast media are usually the interbank rates.

1 CUC to USD exchange rates table

Exchange CUC to USD
1 Cuban Convertible Peso = 1.000 US Dollar
2 Cuban Convertible Peso = 2.000 US Dollar
5 Cuban Convertible Peso = 5.000 US Dollar
10 Cuban Convertible Peso = 10.000 US Dollar
Exchange Cuban Convertible Peso to US Dollar
1 Cuban Convertible Peso to US Dollar Cross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. For example, if you want to exchange Australian dollars into US dollars.

1 CUC to USD exchange rates news

There's something behind this market sell-off that no one is talking about: The strong dollar

Stocks investors are spooked about a lot of things, and the strong dollar biting into earnings growth is now one of them.

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The Dollar Keeps Getting Stronger. Here’s What That Means for You.

On Monday, the US dollar reached its highest level in a year and a half, as measured against a weighted basket of foreign currencies. You can now buy a Euro for just $1.12, and a British Pound for $1.29. What does that mean for Americans?

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Rupee drops 39 paise against US dollar as crude oil rebounds - Times of India

India Business News: Cutting short the 10-day selling trend, crude oil prices rose by around 1% to touch $71 per barrel mark after the world's largest oil exporter Saudi A

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Rupee recovers 22 paise to 72.67 against US dollar

Positive macro data which showed retail inflation dropping to a 13-month low in October also bolstered the market sentiment.

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1 CUC to USD currency converter