Currency Information on Cuban Peso
Currency Information on Cuban Peso - CUC— Cuban Convertible peso - $
The twelfth highest-valued world currency, the Cuban convertible peso is in limited use in Cuba, as Cuba has two official currencies, the convertible peso and the peso.
The convertible peso was introduced in 1994, and was equal to the US dollar, which was also accepted and circulated in Cuba. In November if 2004, the dollar stopped being an accepted currency in Cuba, which meant that the convertible peso was the only official currency. It was announced in 2013 that the convertible peso is to be gradually faded out of circulation and to be replaced at a ratio of 1:1 with the Cuban Peso.
One convertible peso is subdivided into 100 cents and coins are available in denominations of 5, 10, 25 and 50 cents and 1 and 5 peso, although $5 coins are not used frequently. Banknotes available are 1, 3, 5, 10, 20, 50 and 100 convertible peso.