| peso cubano convertible (Spanish) | |
|---|---|
| ISO 4217 | |
| Code | CUC |
| Subunit | 0.01 |
| Unit | |
| Symbol | $, CUC or CUC$ |
| Nickname | dollar, cuc or chavito |
| Denominations | |
| Subunit | |
| 1⁄100 | centavo convertible |
| Symbol | |
| centavo convertible | ¢ or c |
| Banknotes | |
| Freq. used | $1, $3, $5, $10, $20, $50, $100 |
| Coins | |
| Freq. used | 5¢, 10¢, 25¢, 50¢, $1 |
| Rarely used | 1¢, $5 |
| Demographics | |
| Date of introduction | 1994 |
| Date of withdrawal | 1 January 2021 |
| User(s) |  Cuba |
| Issuance | |
| Central bank | Central Bank of Cuba |
| Website | www |
| Valuation | |
| Inflation | 5% |
| Source | The World Factbook, 2006 est. |
| Pegged with | 1.00 CUC = 1.00 U.S. dollar |
| This infobox shows the latest status before this currency was rendered obsolete. | |
The convertible peso (sometimes given as CUC$ 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.[1] The convertible peso was, 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 was to be scrapped.[2] On 10 December 2020, it was announced that monetary unification would take effect from 1 January 2021. From that date, the CUC was no longer accepted in many Cuban businesses; it could only be exchanged in banks or CADECAs (casas de cambios), or used in certain shops, for a six-month period.[3] On 15 June 2021, it was announced that the CUC would remain exchangeable in banks for a further six months but that no shops would accept them from 1 July.[4] The final date for exchanging CUCs was 30 December 2021.
- ^ Cite error: The named reference
Acuerdo30-11was invoked but never defined (see the help page). - ^ "Cuba to scrap two-currency system in latest reform". BBC News. October 22, 2013. Retrieved October 22, 2013.
- ^ Yaffe, Helen (10 February 2021). "Day Zero: how and why Cuba unified its dual currency system". LSE Latin America and Caribbean blog. Retrieved 2021-02-17.
- ^ "Información de Interés".