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Encyclopedia > Cuban convertible peso

The Cuban convertible peso (ISO 4217 code: CUC) is one of two official currencies in Cuba. Informally known as the chavito, it has been in limited and unofficial use since the early 1990s, and was adopted as an official currency in November 2004. Only exchangeable within the country, its value is nominally pegged to that of the U.S. dollar (USD). Coins in circulation are 1, 5, 10, 25, 50 centavos, and 1 peso (1 centavo was introduced in 2000). Banknotes in circulation are 1, 3, 5, 10, 20, 50, and 100 pesos. ISO 4217 is an international standard describing three letter codes to define the names of currencies established by the International Organization for Standardization (ISO). ... // Events and trends The 1990s are generally classified as having moved slightly away from the more conservative 1980s, but otherwise retaining the same mindset. ... 2004 : January - February - March - April - May - June - July - August - September - October - November - December See also: November 2004 in sports November 2004 in science Deaths in November • 30 Pierre Berton • 29 John Drew Barrymore • 26 Bill Alley • 24 Arthur Hailey • 23 Rafael Eitan • 18 Bobby Frank Cherry • 16 John Morgan • 13... The United States dollar is the official currency of the United States. ... 1¢ euro coin A coin is usually a piece of hard material, generally metal and usually in the shape of a disc, which is used as a form of money. ... This article is about the year 2000. ... A £20 Ulster Bank banknote. ...


From 1993 until 2004, the Cuban economy was split between the Cuban peso, used mainly by Cuban citizens for basic supplies, and the US dollar, which was used by tourists and for 'luxury' items. (For more details, see the Cuban peso article). 1993 is a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... The Cuban peso (ISO 4217 code: CUP) is one of two official currencies in use in Cuba. ... The Cuban peso (ISO 4217 code: CUP) is one of two official currencies in use in Cuba. ...


However, on October 25, 2004, Cuban President Fidel Castro announced that the U.S. dollar would be withdrawn from circulation in Cuba to retaliate against further U.S. sanctions. Cubans had until November 8, 2004 (later extended to November 14, 2004), to convert their dollars free of charge into convertible pesos before new charges came into effect; after this date, it would remain legal to hold US dollars, but a 10% surcharge would be imposed when converting them into convertible pesos. October 25 is the 298th day of the year (299th in leap years) in the Gregorian Calendar, with 67 days remaining. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Cuban President Fidel Castro Fidel Castro Ruz (born August 13, 1926) has led Cuba since 1959, when, leading the 26th of July Movement, he overthrew the regime of Fulgencio Batista, and transformed Cuba into the first Communist state in the Western Hemisphere. ... The United States embargo against Cuba (described in Cuba as el bloqueo, Spanish for the blockade) is an economic, commercial and financial embargo imposed on Cuba by the United States on February 7, 1962. ... November 8 is the 312th day of the year (313th in leap years) in the Gregorian Calendar, with 53 days remaining. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... November 14 is the 318th day of the year (319th in leap years) in the Gregorian Calendar, with 47 days remaining. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ...


Although still not available outside Cuba, the convertible peso has a value pegged to that of the dollar when issued at local banks and exchanges (called "CADECA", short for the Spanish phrase "Casa De Cambio"). The 10% fine means that US dollars are effectively bought at a rate of 1:0.9, but sold at the full rate of 1:1 (i.e. 100 USD will be converted to 90 CUC, but if a tourist leaving the country trades in 90 CUC, they will only get the 90 USD value back). Other currencies, such as euros, Canadian dollars, pounds sterling, and Swiss francs, do not suffer from this 10% surcharge. The euro (€; ISO 4217 code EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. ... The Canadian dollar, CAD or C$, is the unit of currency of Canada. ... The pound sterling, which strictly speaking refers to basic currency unit of sterling, now the pound, is the currency of the United Kingdom (UK). ... The Swiss franc (ISO 4217: CHF or 756) is the currency of Switzerland and Liechtenstein. ...


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Currencies of The Americas
North  Bermuda dollar | Canadian dollar | Danish krone (Greenland) | Euro (Saint-Pierre et Miquelon) | Mexican peso | US dollar
Central  Belize dollar | Costa Rican colón | Guatemalan quetzal | Honduran lempira | Nicaraguan córdoba | Panamanian balboa | US dollar (El Salvador)
Caribbean  Aruban florin | Bahamian dollar | Barbadian dollar | Cayman dollar | Cuban peso | Cuban convertible peso | Dominican peso | East Caribbean dollar | Euro (Guadeloupe, Martinique) | Haitian gourde | Jamaican dollar | Netherlands Antilles florin | Trinidad and Tobago dollar
South  Argentine peso | Bolivian boliviano | Brazilian real | Chilean peso | Colombian peso | Euro (French Guiana) | Falkland pound | Guyanese dollar | Paraguayan guaraní | Peruvian nuevo sol | Suriname dollar | US dollar (Ecuador) | Uruguayan peso | Venezuelan bolívar

  Results from FactBites:
 
Convertible Peso Emerges Fortified (803 words)
He mentioned that the convertible peso is already being accepted by international airlines and companies investing on the island that have opted for changing their accounts in Cuban banks from dollars to the national currency.
The convertible peso, established in the 1990s, has the same value as the dollar and is the only acknowledged currency on the island.
Convertible pesos will continue to be exchangeable with the dollar and other hard currencies according to the international market rate.
Cuban convertible peso - Wikipedia, the free encyclopedia (416 words)
Banknotes in circulation are 1, 3, 5, 10, 20, 50, and 100 convertible pesos.
From 1993 until 2004, the Cuban currency was split between the Cuban peso, used mainly by Cuban citizens for staples and non-luxury items, and the U.S. dollar in combination with the convertible peso, which was used for tourism, and for luxury items.
From its introduction until 2005, the convertible peso was pegged to the U.S. dollar at 1:1.
  More results at FactBites »

 

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