convertible peso

deprecated Cuban currency

Key facts

Code: CUC
Symbol: $ , CUC or CUC$ ‎
Nickname: dollar, cuc or chavito
1 100: centavo convertible
Centavo convertible: ¢ or c
Freq used: $1, $3, $5, $10, $20, $50, $100
Rarely used: 1¢, $5
Date of withdrawal: 1 January 2021
User s: Cuba
Central bank: Central Bank of Cuba
Website: www .cadeca .cu
Inflation: 5%
Source: The World Factbook , 2006 est.

Article

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 had 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 was, by the pegged rate, the twelfth-highest-valued currency unit in the world and the highest-valued "peso" unit. It was a type of foreign exchange certificate.