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The Cuban peso is the official money used in Cuba for buying and selling goods and services. It matters because it's essential to everyday life in Cuba, affecting how much people earn, spend, and save.
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The Cuban peso (peso cubano in Spanish, ISO 4217 code: CUP) also known as moneda nacional (Spanish for 'national currency'), is the official currency of Cuba.
The Cuban peso was established by a Cuban law on October 29, 1914. It began circulating in 1915 at parity with the U.S. dollar until 1959–1960. The Castro government then introduced the socialist planned economy and pegged the peso to the Soviet ruble.