Cuban Convertible Peso

Cuban Convertible Peso

Cuban Convertible Peso overview

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.

1 CUC to USD exchange rates chart

CUC to  exchange rates chart

Cuban Convertible Peso news

Cuba Cruise Tips and What to Expect Before Your Cruise to Havana

I recently sailed on Majesty of the Seas to Key West and Cuba on a 4-night cruise out of Tampa.  I chose this itinerary simply for the fact that I wanted

about 2 months conditional positive
What Happens When Cuba Devalues Its Peso?

For the Cuban economy to keep making progress on the

about 2 months conditional positive
Cuba’s communist ice cream cathedral

This state-run ‘people’s park’ offers a for-pennies indulgence for the masses and serves an average of 30,000 customers a day – and up to 600 at any one time.

about 2 months indicative neutral
Cubans sceptical of new president's promises

New president faces daunting challenge of modernising state-run economy to make it more rational and effective.

9 months conditional neutral
What to Expect from a Post-Castro Cuba
What to Expect from a Post-Castro Cuba

Cuba has a new leader, Miguel Diaz-Canel. But the Castro family remains at the epicenter of control over the key drivers of the country’s economy.

9 months conditional positive
Cuba quashes rumors currency unification around corner

Cuba's central bank on Thursday quashed rumors that it would withdraw one of the Communist-run island's two currencies from circulation over the weekend, after nervous Cubans had rushed in recent days to exchange their CUCs for pesos.

10 months conditional neutral

CUC currency converter