Euphemistically called the "special period" by the government, the crisis caused the devaluation of the historical Cuban peso (CUP) and led to the emergence of the
convertible peso (CUC) (NotiCen, May 5, 2005).
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 = 1.31CUC Time zone: GMT-5hrs The flight: Fly to Santa Clara from Manchester with one or two connections.
TOP TIP Cuba has two currencies - the
convertible peso (CUC) and the Cuban peso (CUP).
Cuba has two currencies--the peso and the
convertible peso. Both are legal on the island, though neither is exchangeable in foreign markets.
So for the moment there is the
convertible peso (CUC) and the Cuban peso (CUP).
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.
The more valuable
convertible peso (CUC) was reserved for use in the tourism sector and foreign trade.
The problem of low wages in Cuba is closely related to another major economic challenge in Cuba: how to unify the two official currencies circulating in the country--the Cuban
convertible peso (CUC) and the Cuban peso, which trade at about 24 to 1 CUC.
One is the dual currency system: tourists use a
convertible peso worth nearly 25 times more than the nonconvertible peso for native Cubans.
TO THERE was a guest of Holidays (0871 thomson.co.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.
