::Cuban convertible peso


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The convertible peso (sometimes given as CUC$) (informally called a cuc or chavito), is one of two official currencies in Cuba, the other being the peso. It has been in limited use since 1994, when it was treated as equivalent to the U.S. dollar: its value was officially US$1.00. On 8 November 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets leaving 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 on 5 April 2008, and reverted to US$1.00 on 15 March 2011.<ref name="Acuerdo30-11" /> 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 by gradually unifying it with the lower-value Cuban peso.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Cuban convertible peso sections
Intro  History  Coins  Banknotes  The CUC and the U.S. dollar  See also  References  

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