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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.
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.
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]
Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island. Long lines form and frustration grows as Cuba ...
(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 ...
Cuban peso $ CUP Centavo: 100 ... A currency is a kind of money and medium of exchange. Currency includes paper, cotton, or polymer banknotes and metal coins. States ...
Currency conversion fees, also called foreign currency exchange fees, come in two forms. Both involve charges for converting one currency to another during an international transaction.
Moreover, the conversion of Soviet-style farms into basic cooperative production units freed up 42% of Cuba's usable land. By 1997, roughly 76% of Cuba's usable land was held by cooperatives. [3] In September 1995, Cuban government decreased subsidies to agriculture, from $370 million in 1994 to $57 million in 1995. [14]