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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.
On 8 November 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets and left the convertible peso as the only currency in circulation in many Cuban businesses. Officially exchangeable only within the country, its value was increased to US$1.08 in April 2005, but reverted to US$1.00 on 15 March 2011. [ 1 ]
The denomination is 25 céntimos de peseta, a new valuation that lasted until 1881 when centavos de peso was finally established. The first stamps of Cuba were issues for the Spanish West Indies, for use in both Cuba and Puerto Rico, issued in April 1855. [1] [2] These stamps are referred to as the "Antilles".
Many state-run shops switched to a Cuban version of the greenback in 2004, called the CUC, and then in 2021 began accepting only a digital currency pegged to the dollar, called the MLC, in an ...
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]
The centavo (Spanish and Portuguese 'one hundredth') is a fractional monetary unit that represents one hundredth of a basic monetary unit in many countries around the world. [1] The term comes from Latin centum (lit. ' one hundred '), with the added suffix -avo ('portion').
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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