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.
Cuban Convertible Peso to USD exchange rates chart
The ghost of Cuba past... Apparently I’m stuck with these Cuban monies know as CUC. None of the local currency exchanges will exchange them, but I’ve read online that sometimes it’s possible to find an interested party near by. Thought I’d start here, besides, this could make an excellent Christmas gift for the person who has everything. 😜Exchange of 1:1. DM if interested. Thanks. #cuba #cubanconvertiblepeso #thanksfortheliesroyalcaribbeancruiselines #idlikemymoneybackplease
CUBAN MONEY - Before 1857, Spanish and Spanish colonial reales circulated in Cuba. From 1857, banknotes were issued specifically for use on Cuba. These were denominated in pesos, with each peso worth 8 reales. From 1869, decimal notes were also issued denominated in centavos, with 100 centavos worth each peso. In 1881, the peso was pegged to the US dollar at par. The currency continued to be issued only in paper form until 1915, when the first coins were issued.
In 1960, the peg to the dollar was replaced by one to the Soviet ruble ( at that time 1 US dollar was worth exactly 4 rubles ). The peso lost value by the United States embargo against Cuba and the suspension of the sugar quota. The suspension was the principal economic force driving Cuba to seek out a new economic partner, the Soviet Union. When the Soviet Union dissolved in 1991, the peso lost much of its value and the exchange rate fell to 125 pesos to the US dollar. Recently, it has become more valuable and fluctuated between 23 and 25 pesos to the US dollar.
In 1993, during the period of economic austerity known as the Special Period, the US dollar was made legal tender to encourage hard currency to enter the economy. The US dollar became the currency used to purchase some non-essential goods and services, such as cosmetics, and even staple kinds of food and drink. In 1994, the convertible peso was introduced at a par with the dollar. On November 8, 2004, the Cuban government withdrew the US dollar from circulation, citing the need to retaliate against further US sanctions. #cubanmoney #cubanpesos #cubanconvertiblepeso
With the news this week that the US and Cuba will resume diplomatic relations for the first time in over 50 years, many will want to visit Cuba for the first time. It's important to note that while the US is indeed loosening travel restrictions to Cuba, it is not yet officially allowing tourism. In order to...
Cuban authorities have made a move to reignite citizens’ sex lives by reintroducing a series of state-run pay-per-hour motels which they hope will “diversify the options for love”, the country’s official trade union weekly Trabajadores announced on Monday.