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The Cuban peso was trading on the informal market at an all-time low of 230 to the dollar on Wednesday, slumping to half its value a year ago as consumers struggle with surging inflation and ...
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 ...
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.
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]
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The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution.
The convertible peso (sometimes given as CUC$ and informally called a cuc or a chavito) was one of two official currencies in Cuba, the other being the Cuban peso. It had been in limited use since 1994, when its value was pegged 1:1 to the United States dollar .
After the success of the stabilization program enacted in 1993, Cuba's budget deficit decreased to 1 billion pesos in 1994, 480 million pesos in 1995, and 36 million pesos in 1996. [20] In 1994, there was as 7.6% growth in the manufacturing sector and a 4.4% growth in the electricity sector. [20]