Cuban Convertible Peso

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Cuban Convertible Peso

One of two currencies in Cuba. It is pegged to the U.S. dollar at a one-to-one ratio, meaning that one could present one convertible peso to the Central Bank of Cuba and redeem it for one dollar. Because the other currency in Cuba, the Cuban peso, is an inconvertible currency, the convertible peso is Cuba's only point of access to international foreign exchange markets.
References in periodicals archive ?
The government has expressed interest in unifying the country's two currencies -- the convertible peso and the Cuban peso -- however, no concrete steps have been taken.
Currencies highlighted by this initiative are the Cuban Convertible Peso or CUC and the Cuban Peso or CUP (national currency) whose exchange rate varies from 1 CUC to 24 CUP for the population and 1 to 1 in the entrepreneurial sector.
On the island, the vast majority of goods are available only with the hard currency convertible peso, or CUC.
com, 01481 714898 GOOD TO KNOW: Cuba is phasing out its dual currency system, but for now use the Cuban convertible peso (CUS).
One is the dual currency system: tourists use a convertible peso worth nearly 25 times more than the nonconvertible peso for native Cubans.
uk), twin-centre on the resort of and Havana including return Thomson Airways Internal flights by One is the dual currency system: tourists use a convertible peso (introduced in 2005 to eradicate the US dollar) worth nearly 25 times more than the non-convertible peso for native Cubans.
Cuba has two currencies in circulation: the peso (CUP), and the convertible peso (CUC), both of which are fixed by the government.
The money transfer company Western Union said an arm of the US treasury department authorised it to pay remittances in Cuba's convertible peso (CUC) instead of dollars, starting on December 20.
Torture instruments One is the dual currency system: tourists use a convertible peso worth nearly 25 times more than the non-convertible peso for native Cubans and anybody in the tourist industry, with its tipping system, takes home much more than doctors or teachers.
dollar isn't the strongest currency unit, especially now, when even the Cuban convertible peso and the Azerbaijani manat are stronger than the dollar
Local conmen on the street will try to give you worthless pesos instead of the correct currency - Cuban Convertible Peso (CUC).
Money - until last year tourists used US dollars but now you have to use the Convertible Peso (CUC) worth around 60p.