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.
Cuba runs on two currencies. The Cuban Convertible Peso (left) is known as the 'tourist' currency and is roughly on par with the US dollar. The Cuban Peso (right) is the national currency earnt by Cubans. 24 Cuban Peso's equals 1 Convertible Peso. When a tourist uses an ATM it is issued the convertible peso, when a Cuban uses the atm they are issued the national money. Something I found fascinating every time I withdrew. The ATMs are wired well 😉 We were lucky enough to exchange some national money whilst buying internet cards off the black market. This slashed the price of a sandwich from about US$4 to about 30 or 40 cents. However, not all places will accept local money off a tourist... just because your a tourist... 💸💸💸 #cubanpeso #cubanconvertiblepeso #cuba