Cuban Convertible Peso
The convertible peso (sometimes given as CUC$) (informally called a chavito), is one of two official currencies in Cuba, the other being the peso. It has been in limited use since 1994, when it was treated as equivalent to the U.S. dollar: its value was officially US$1.00. On November 8, 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets leaving 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 on April 5, 2008, and reverted to US$1.00 on 15 March 2011. The convertible peso is, by the pegged rate, the eleventh-highest-valued currency unit in the world and the highest valued "peso" unit.
Read more about Cuban Convertible Peso: History, Coins, Banknotes, The CUC and The U.S. Dollar
Famous quotes containing the words cuban and/or convertible:
“Because a person is born the subject of a given state, you deny the sovereignty of the people? How about the child of Cuban slaves who is born a slave, is that an argument for slavery? The one is a fact as well as the other. Why then, if you use legal arguments in the one case, you don’t in the other?”
—Franz Grillparzer (1791–1872)
“Herein is the explanation of the analogies, which exist in all the arts. They are the re-appearance of one mind, working in many materials to many temporary ends. Raphael paints wisdom, Handel sings it, Phidias carves it, Shakspeare writes it, Wren builds it, Columbus sails it, Luther preaches it, Washington arms it, Watt mechanizes it. Painting was called “silent poetry,” and poetry “speaking painting.” The laws of each art are convertible into the laws of every other.”
—Ralph Waldo Emerson (1803–1882)