Cuban currency

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Possible Answers: PESO.

Last seen on: LA Times Crossword 19 Feb 2018, Monday

Random information on the term “Cuban currency”:

The convertible peso (sometimes given as CUC$ and informally called a cuc or a chavito) is one of two official currencies in Cuba, the other being the Cuban peso. It has been in limited use since 1994, when its value was pegged 1:1 to the United States dollar.

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. The convertible peso is, by the pegged rate, the twelfth-highest-valued currency unit in the world and the highest valued “peso” unit.

On 22 October 2013, it was announced that the currency is to be scrapped, with it being gradually unified with the lower-value Cuban peso.

From 1993 to 2004, the Cuban currency was split between the Cuban peso (the currency in which Cuban citizens are paid and which is used for staples and non-luxury items) and the U.S. dollar, in combination with the convertible peso, which was a foreign exchange certificate (in use since at least 1985) used for tourism and for luxury items.[citation needed] The Cuban peso (CUP) can be exchanged to the convertible peso (CUC) at exchange offices (CADECA) at a fixed rate of 24 CUP to 1 CUC (sell) and 25 CUP to 1 CUC (buy); but for state household bookkeeping purposes, both pesos are valued at a 1:1 rate.

Cuban currency on Wikipedia