Cuban convertible peso

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The convertible peso (sometimes given as CUC$ and informally called a cuc or a chavito) was one of two official currencies in Cuba, the other being the Cuban peso. It has been in limited use since 1994.

On 8 November 2004, the U.S. dollar was officially no longer accepted in Cuba (though unofficially it was). Its value was increased to US$1.08 in April 2005, but went back to US$1.00 on 15 March 2011.

On 22 October 2013, it was announced that the convertible peso would end, being gradually unified with the lower-value Cuban peso.[1] On 10 December 2020, it was announced that the convertible peso will no longer be in effect, from 1 January 2021.

References[change | change source]

  1. "Cuba to scrap two-currency system in latest reform". BBC News. 12 October 2013. Retrieved 22 October 2013.