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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.
The Cuban peso (CUP) can be exchanged to the convertible peso (CUC) at exchange offices at a fixed rate. Since the early 2000s the rates have been 24 CUP to 1 CUC (sell) and 25 CUP to 1 CUC (buy); [1] but for state bookkeeping purposes, both pesos are valued at a 1:1 rate. [1]
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 ...
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]
Cash-starved Cuba this month opened the first grocery store to accept hard U.S. currency on the island in nearly two decades, the latest sign in a trend towards dollarization in the Communist-run ...
(Bloomberg Opinion) -- Cuba wants you. Really. In July the government waived health restrictions for incoming visitors, becoming one of the few countries to do so. No doctor’s affidavits, no lab ...
Rationing in Cuba is organized by the government and implemented by means of a Libreta de Abastecimiento ("Supplies booklet") assigned to every individual. The system establishes the amounts of subsidized rations each person is allowed to receive through the system, and the frequency at which supplies can be obtained. [ 1 ]
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