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However, the dollar can fetch up to 350 Cuban pesos on the informal market. Pérez notes that in 2018, 50% of the cash in circulation was in the hands of the Cuban population and the other half in ...
In 1981–1989, Cuba used so-called INTUR coins and cheques. Convertible foreign currency was exchanged into these cheques rather than the national currency, which could be used to buy some luxury goods not available for purchase in the national currency. Also, from 1985, Banco Nacional de Cuba issued foreign exchange certificates of various types.
The Cuban peso (in Spanish peso cubano, ISO 4217 code: CUP) also known as moneda nacional, is the official currency of Cuba.. The Cuban peso historically circulated at par with the Spanish-American silver dollar from the 16th to 19th centuries, and then at par with the U.S. dollar from 1881 to 1959.
Comecon deemed Cuba one of its underdeveloped member countries and therefore Cuba could obtain oil in direct exchange for sugar at a rate that was highly favorable to Cuba. [39]: 41 Hard currency Cuba obtained from re-exporting oil facilitated Cuba's importation of goods from non-Comecon countries and facilitated its investments in social services.
Cuba legalized the use of the US dollar and created a dual currency system, one based on the dollar and the Cuban convertible peso with the other system based on the Cuban peso. Different institutions and businesses operated on only one side of the currency divide. The Cuban peso, used mostly by Cuban nationals, could not buy imported goods. [1]
President John F. Kennedy widened the embargo in 1962 to include all Cuban trade, including food and medicine. Kennedy later imposed travel restrictions to Cuba after the Cuban Missile Crisis in 1963.
Cuba is struggling to cover a fuel deficit as imports from Venezuela and other countries remain below historical levels and global prices boosted by Russia's invasion of Ukraine make purchases ...
Cuba: Cuban peso: CUP: Central Bank of Cuba: 24.00 CUP = 1.00 USD Sint Maarten: Netherlands Antillean guilder [1] ANG: Central Bank of Curaçao and Sint Maarten: 1.79 ANG = 1.00 USD Curaçao Dominican Republic: Dominican peso: DOP: Banco Central de la República Dominicana: float Guadeloupe: Euro: EUR: European Central Bank: float Martinique ...