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 ?
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.
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.
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.