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Cuban convertible peso facts for kids

Kids Encyclopedia Facts

The convertible peso (often called CUC or "chavito") was a special type of money used in Cuba. For many years, Cuba actually had two official kinds of money! The other one was the Cuban peso (CUP). The convertible peso was first used in 1994.

Why Did Cuba Have Two Currencies?

Imagine a country using two different types of money at the same time! This is what happened in Cuba. The convertible peso (CUC) was mainly used for things like tourism and imported goods. It was often linked to the US dollar. The other money, the Cuban peso (CUP), was what most local people used for their daily shopping and salaries. This system made things a bit complicated for everyone.

Changes Over Time

For a while, the US dollar was also used in Cuba. But on November 8, 2004, the Cuban government decided that the US dollar would no longer be officially accepted. This meant people had to exchange their dollars for convertible pesos.

The value of the convertible peso changed a few times. In April 2005, it was worth a bit more than one US dollar. But then, on March 15, 2011, its value went back to being equal to one US dollar.

The End of the CUC

On October 22, 2013, Cuba announced that the convertible peso would slowly be phased out. The plan was to combine it with the Cuban peso (CUP), which had a lower value. This change was meant to make Cuba's money system simpler.

Finally, on December 10, 2020, it was announced that the convertible peso would no longer be used starting January 1, 2021. This meant that Cuba would go back to having just one official currency, the Cuban peso (CUP).

Images for kids

  • Cartel Centro Comercial Plaza Carlos III 20160305

    A sign in 2016 informing that prices are in CUC but can be paid in CUP (cash and card admitted). Change was returned in CUC.

  • Курсы обмена в аэропорту - panoramio

    Exchange rates in 2013 at the airport.

  • Valle de Viñales-Unidad mixta (3)

    Ration items advertised with prices in CUP valid for January 2015.

  • Benzinstacio (Havano, Kubo)

    Gasoline pump showing prices in CUC (1 CUC/liter) in 2015.

  • Charcutería Centro Comercial Plaza Carlos III 20160305 132233

    Shop in 2016 showing prices in CUP and CUC.

See also

Kids robot.svg In Spanish: Peso cubano convertible para niños

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