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Encyclopedia > Cuban peso
Cuban peso
peso cubano (Spanish)
A 3 peso banknote depicting Che Guevara
A 3 peso banknote depicting Che Guevara
ISO 4217 Code CUP
User(s) Cuba
Inflation 5%
Source The World Factbook, 2006 est.
Subunit
1/100 centavo
Symbol $ or $MN
centavo ¢ or c
Coins
Freq. used 5¢, 20¢, $1, $3
Rarely used 1¢, 2¢, 40¢[citation needed]
Banknotes
Freq. used $1, $3, $5, $10, $20 & $50
Rarely used $100
Central bank Central Bank of Cuba
Website www.bc.gov.cu

The peso (ISO 4217 code: CUP, sometimes called "national peso") is one of two official currencies in use in Cuba, the other being the convertible peso (CUC). Cuban currency has no official value outside the country. The peso (CUP) is used by tourists only for staple and non-luxury products. However, local citizens are paid most of their wages in pesos and have to pay everyday expenses in CUP. Image File history File links Download high resolution version (1190x1134, 935 KB) Summary This is a Cuban 3-Peso bill. ... Ernesto Guevara de la Serna (June 14,[1] 1928 – October 9, 1967), commonly known as Che Guevara or El Che, was an Argentine-born Marxist revolutionary, medic, political figure, and leader of Cuban and internationalist guerrillas. ... Che Guevara on Cuban Currency - new version issued 2004 The Central Bank of Cuba (Spanish: Banco Central de Cuba - BCC) is the central bank of Cuba. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... ... The Cuban convertible peso (ISO 4217 code: CUC) is one of two official currencies in Cuba. ...


For some accounting purposes the exchange rate is set at 1 CUP = 1 CUC. However, for practical purposes, the exchange rate is that applied by the Cuban banks and Cadecas (exchange bureaux). From 18 March 2005, that rate has been set at 24:1 when exchanging CUC for CUP and 25:1 when going from CUP to CUC.


The convertible peso is currently pegged at $1.08 USD and is used for luxury products and services. All other exchanges rates are set in relation to the CUC. The United States dollar is the official currency of the United States. ...

Contents

History

The first issue of the Cuban peso was a series of banknotes in 1857. The currency continued to be issued only in paper form until 1915, when the first coins were issued. In 1959, when Fidel Castro took power, one peso equaled one USD. It lost value due to the U.S. blockade and the suspension of the sugar quota. This suspension was the principal economical force driving Cuba to seek out a new economic partner, the Soviet Union. When the Soviet Union dissolved in 1991, the peso lost much of its value and the exchange rate fell to 125 pesos to the USD. Recently, it has become more valuable, fluctuating between 23 and 25 pesos to the dollar. Fidel Alejandro Castro Ruz (born on August 13, 1926) is the current President of Cuba but on indefinite medical hiatus. ... Billboards carrying messages attacking the United States government can be seen all over Cuba. ... The rise of Gorbachev Although reform stalled between 1964–1982, the generational shift gave new momentum for reform. ...


Circulating Currency

Coins in circulation are 1, 2, 5, 20 and 40 centavos and 1 and 3 pesos. Banknotes in circulation are 1, 3, 5, 10, 20, 50 and 100 pesos. This article does not cite its references or sources. ... A £20 Bank of England banknote. ...


Note: 40 centavo coins were withdrawn from circulation around July 2004 and are no longer accepted as payment.


Two parallel currencies

In 1993, during the period of economic austerity known as the Special Period, the US dollar was made legal tender to encourage hard currency to enter the economy. The dollar became the currency used to purchase some non-essential goods and services, such as cosmetics, and even non-staple kinds of food and drink. In 1994, the convertible peso was introduced at a par with the dollar. The Special Period In Time of Peace (Spanish: Período especial en tiempo de paz ) in Cuba was an extended period of economic crisis that began in 1991 after the collapse of the Soviet Union and and, by extension, the Comecon. ... For other uses, see Cosmetic. ... The Cuban convertible peso (ISO 4217 code: CUC) is one of two official currencies in Cuba. ...


Cuban state workers receive a portion of their wages in convertible pesos, the rest in the normal pesos. Shops selling basics, like fruit and vegetables, generally only accept the normal peso, while "dollar shops" sell the rest. Confusingly, dollars are sometimes referred to colloquially as "pesos", with which currency is meant being understood from the context.


On November 8, 2004, the Cuban government withdrew the U.S. dollar from circulation, citing the need to retaliate against further U.S. sanctions. November 8 is the 312th day of the year (313th in leap years) in the Gregorian calendar, with 53 days remaining. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...


See also

Cuba Portal

Image File history File links Flag_of_Cuba. ... The Cuban convertible peso (ISO 4217 code: CUC) is one of two official currencies in Cuba. ... Islands in and near the Caribbean This is a list of the central banks and currencies of the Caribbean. ...

External links

  • Cuba Currency Guide - One country, two currencies.
  • Cuban Bank Notes

  Results from FactBites:
 
Cuban peso - Wikipedia, the free encyclopedia (515 words)
Coins in circulation are 1, 2, 5, 20 and 40 centavos and 1 and 3 pesos.
Banknotes in circulation are 1, 3, 5, 10, 20, 50, 100 pesos.
Cuban state workers receive a portion of their wages in Cuban convertible peso, the rest in the Cuban peso.
Cuban convertible peso - Wikipedia, the free encyclopedia (313 words)
Coins in circulation are 1, 5, 10, 25, 50 centavos, and 1 peso (1 centavo was introduced in 2000).
Banknotes in circulation are 1, 3, 5, 10, 20, 50, and 100 convertible pesos.
From 1993 until 2004, the Cuban economy was split between the Cuban peso, used mainly by Cuban citizens for staples and non-luxury items, and the U.S. dollar in combination with the convertible peso, which was used in tourism, and for luxury items.
  More results at FactBites »

 
 

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