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 ?
Cuba runs two currencies in parallel: The CUP, which is the peso that ordinary Cubans use, and the convertible peso, or CUC, used by foreign visitors, which is worth roughly $1.
DESTINATION santa clara Currency: Cuban convertible peso (CUC) - PS1 = 1.
the Cuban peso, or CUP, and the convertible peso, or CUC), and the creation of wholesale markets where nonstate producers (e.
TOP TIP Cuba has two currencies - the convertible peso (CUC) and the Cuban peso (CUP).
Cuban Central Bank officials have told foreign businesses that devaluation of the convertible peso will progress gradually.
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.
The more valuable convertible peso (CUC) was reserved for use in the tourism sector and foreign trade.
Moreover, in 2005, the Cuban government revalued the Cuban convertible peso (CUC) from being on par with the U.
One is the dual currency system: tourists use a convertible peso worth nearly 25 times more than the nonconvertible peso for native Cubans.