Cuban Peso

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Cuban Peso

One of two official currencies in Cuba. The other is the convertible peso. The Cuban peso has no official value outside of Cuba. To convert pesos, one must first convert them to convertible pesos, which are then exchangeable for other currencies. Most workers receive portions of their salaries in both currencies. They buy basic items like food with Cuban pesos, and use convertible pesos for luxury goods.
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References in periodicals archive ?
Of the two measures discussed above, the dollar legalization is clearly an emergency measure, which will be reversed as soon as a viable Cuban currency, backed up by Cuban production, is re-established.
Pesos convertibles are special bills that can be freely exchanged for dollars; regular Cuban currency is not.
Since March 1998, when the peso trades at 23 per US dollar, the Cuban currency has been relatively stable.